Business
Group Chief Executive Succession
Group Chief Executive Succession.
About this update from Spirax Group Plc.
[{"type":"text","content":"\n\n\n \n \n \nNews Release\n \nTuesday 8th August 2023\nGroup Chief Executive Succession\n \n \nSpirax-Sarco Engineering plc, the leading global thermal energy management and fluid technology solutions Group, announces that Nicholas Anderson, Group Chief Executive, has indicated to the Board his desire and intention to retire in early 2024, upon completion of ten years in this role. \n \nCommenting on Nick's retirement, Board Chair, Jamie Pike said: \n \n\"The Board acknowledges with gratitude Nick's significant contribution to the Group's growth and prosperity. Nick has led the Group with distinction and meaningfully improved on the Group's long record of consistent and quality growth. Under Nick's leadership, Group sales and profits grew by a multiple of over 2.5, the number of our colleagues has doubled and the market capitalisation has nearly quadrupled, firmly establishing our Group as a constituent of the FTSE100 Index. More than half of this growth was organic, with the balance coming from successful acquisitions that strengthened and enhanced the Steam Specialties and Watson-Marlow Businesses, as well as established our Electric Thermal Solutions (ETS) Business. Nick also leaves our Group with firmly embedded Sustainability strategies, Inclusion and Equity programmes, as well as successful leadership and talent development programmes that contributed to the selection of a strong internal successor. We wish Nick every success in his future Non-Executive career.\" \n \nThe Board is delighted to announce that Nimesh Patel is appointed Group Chief Executive and will take up the position on 16th January 2024. Nimesh joined the Group in 2020 as Chief Financial Officer and his appointment to Group Chief Executive follows a rigorous succession process.\n \nBoard Chair, Jamie Pike, said:\n \n\"Nimesh's appointment as Group Chief Executive marks the completion of the Board's long-term planning for Nick's succession. During his three-year tenure as Chief Financial Officer and a member of the Board, Nimesh has played a significant role in shaping our strategy, working with colleagues to enhance our unique culture and business model to fulfil our Purpose. We have observed Nimesh's natural leadership style and proven abilit...