– UK, Sheffield – SIG Plc (LON: SHI) today announced that Meinie Oldersma has resigned from the role of CEO and as a director of the Company with immediate effect.
The Company also announces that Nick Maddock has resigned from the role of CFO and as a director of the Company with immediate effect.
The Board has appointed Steve Francis as CEO on an initial contract until 31 December 2020 and as a director of the Company with immediate effect. Steve has had a wide-ranging CEO, CFO and management consulting career. He is a strong leader with a proven track record of returning radically restructured businesses back to growth.
The Board has also appointed Kath Kearney-Croft, Interim CFO, as a director of the Company with immediate effect.
Kath joined the Company in January 2020 initially to provide support to the executive team during the leave of absence of Meinie Oldersma. Prior to joining SIG, Kath was Group Finance Director of The Vitec Group plc for two years and served at Rexam plc for nine years in a number of senior financial leadership roles including Group Finance Director prior to Rexam being acquired by Ball Corporation Inc.
Andrew Allner, non-executive Chairman, will continue to provide increased levels of support to the new executive team to ensure a smooth transition of responsibilities.
Chairman Andrew Allner commented: “The Board is most appreciative of Meinie and Nick’s contribution to the transformation of SIG. They have led with great determination, energy and urgency in significantly reducing the cost base of the business, improving operating efficiency and completing the disposal of non-core businesses. They leave a much more focused business, a restructured balance sheet and a strong financial position, providing a sound platform for future growth.
“Now that this essential restructuring of the Group has largely been completed, the Board believes that it is time for a new leadership team, with skills in driving rapid operational performance improvements through strong customer relationships, excellence in customer service and creating highly engaged teams. Management’s focus will be on developing the Group’s purpose and vision, building on its leading market positions and returning the business back to profitable growth.
“Steve is a widely experienced CEO with a strong track record of returning businesses to growth and so the Board has appointed him to help deliver this goal and help build relationships with all stakeholders.”
For more information: http://www.sigplc.com
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