Coats Group PLC Appointment of new Group Chief Executive (8051N)
October 31 2016 - 2:00AM
UK Regulatory
TIDMCOA
RNS Number : 8051N
Coats Group PLC
31 October 2016
31 October 2016
Coats Group plc
Appointment of new Group Chief Executive
Coats Group plc ('Coats' or the 'Company'), the world's leading
industrial thread manufacturer, announces that Rajiv Sharma,
currently Executive Director and Global CEO, Industrial, is
appointed Group Chief Executive with effect from 1 January
2017.
Current Group Chief Executive, Paul Forman, is to leave the
Company on 31 December 2016 by mutual consent and take up the role
of Chief Executive at Essentra plc, a FTSE 250 company and a
leading global provider of essential components and solutions. Paul
became Group Chief Executive of Coats on 31 December 2009.
Rajiv Sharma joined the Company in November 2010 and is
responsible for the global Industrial business, which accounted for
approximately 80% of Group revenues in 2015. Under his leadership,
it has built new commercial and operational capabilities to deliver
a strong track record of profitable sales growth. It has been at
the forefront of product and service innovation for the global
apparel and footwear industries and Rajiv has overseen the
expansion of the Speciality business into emerging applications
such as fibre optic cables and value added engineered yarns used in
composites and conductive products. Rajiv was appointed an
Executive Director of the Company in March 2015. Prior to joining
Coats he worked at Honeywell, GE and Shell, amongst others. His
experience spans multiple disciplines, including M&A, digital
and leading large complex businesses, in a range of industries,
across five continents.
Commenting on the announcement, Mike Clasper, Chairman,
said:
'Paul has been working closely with me and the Board in order to
identify the most appropriate time to step down and prepare for a
seamless transition. In light of this the Company has been
considering both external and internal candidates and identified
Rajiv as the best suited individual for the role. He has strong
leadership skills; a proven track record of running our core
Industrial business and increasing its profitability; and has been
fully involved in developing our corporate strategy.
'The Board would like to extend its thanks to Paul for the
outstanding contribution that he has made to Coats over the last
seven years. Under his stewardship Coats has evolved from being one
of many diverse investments of its former holding company, Guinness
Peat Group, to re-establishing itself successfully as a standalone
listed entity, due in no small part to his trademark energy and
dynamism. He has also driven material improvements in financial
performance. We wish him every success in the future.'
The arrangements for Paul's remuneration are in accordance with
the Company's approved remuneration policy. He will receive his
normal remuneration and benefits to 31 December 2016. He will also
be entitled to receive, subject to the original performance
measures and targets, a bonus payment for 2016 and will be treated
as a 'Good Leaver' for the purposes of all Long Term Incentive
(LTI) awards. Existing LTI awards will be reduced pro-rata for time
to reflect his last day of employment and will remain subject to
the original vesting date and performance conditions. He will not
be entitled to any additional severance pay or compensation for
loss of office.
_________________________________________________________________________________
Enquiry details
Coats Group +44 20 8210
Investors Jaideep Thatai plc 5086
Richard Mountain/ Nick +44 20 3727
Media Hasell FTI Consulting 1374
_________________________________________________________________________________
This announcement contains inside information for the purposes
of the Market Abuse Regulation.
About Coats Group plc
Coats is the world's leading industrial thread manufacturer and
a major player in the Americas textile crafts market. At home in
more than 60 countries, Coats employs over 19,000 people across six
continents. Revenues in 2015 were US$1.5bn. Coats' pioneering
history and innovative culture ensure the company continues leading
the way around the world: providing complementary and value added
products and services to the apparel and footwear industries;
applying innovative techniques to develop high technology
Speciality threads and yarns in areas such as automotive and fibre
optics; and extending the crafts offer into new markets and
online.
Headquartered in the UK, Coats has a premium listing on the
London Stock Exchange. To find out more about Coats visit
www.coats.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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