– UK, London – Low & Bonar plc (LON: LWB) today announced that Philip de Klerk will step down as CEO and leave the Board on 1 July 2019. The current non-executive Chairman of the Board, Daniel Dayan, will become Executive Chairman on 2 July 2019. A search for a new chief executive will not be initiated immediately and the situation will be reviewed later in the year.
The Board expresses its thanks to Philip for his efforts as CFO and CEO in identifying and tackling significant and long-standing cultural, operational and organisational weaknesses during a very challenging period for the Group.
The Board has decided that a change of leadership is required to accelerate delivery of the transformation programme initiated in late 2018.
In addition to implementing performance improvement and cost reduction initiatives, the Board will focus on completing the disposal of the Civil Engineering division and on exploring other opportunities to maximise shareholder value in the short-term.
Daniel Dayan became chairman of L&B in September 2018. From 2005-13 he was CEO of Fiberweb plc, a global industrial textiles business, and subsequently, he held leadership positions in global plastic packaging businesses LINPAC and Klöckner Pentaplast until December 2018.
For more information: https://www.lowandbonar.com
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