TIDMESNT

RNS Number : 5063B

Essentra plc

03 October 2022

ESSENTRA PLC

A leading global provider of essential components and solutions

APPOINTMENT OF NEW CHIEF EXECUTIVE

Following the successful completion of the Group's strategic reviews of the Filters and Packaging divisions, Essentra plc ("the Company") announces that Paul Forman has decided to step down from his role as Chief Executive of the Company at the end of the current financial year on 31 December 2022. Paul will be succeeded by Scott Fawcett who is currently the Managing Director of Essentra's Components division. Scott will join the Board on 1 January 2023.

Paul has overseen the successful transformation of the Group. He joined Essentra in 2017 and embarked on a "stability, strategy, growth" journey refocusing the Group on its core divisions and restoring them to long-term revenue and profit growth. This strategy led to the creation of three leading standalone global businesses with exciting growth prospects in their respective markets. 2021 marked a new chapter for the Group as the Board announced that Essentra would review the strategic options for Packaging and Filters with the view to becoming a pure play components business. The strategic reviews concluded that the sale of both businesses would be in the best interest of shareholders.

Paul will work closely with Scott and the Board to ensure a smooth transition and support the transition to a pure play components business.

Scott Fawcett was appointed as Managing Director of the Components division in 2017. He joined Essentra Components in 2010 as Managing Director of the European business and subsequently joined the Group Management Committee in 2014, leading the Components global strategy. Over the last twelve years, Scott has led the transformation of the Components business from a product led to service led business, enhancing Essentra's customer proposition and delivering a decade of growth supported by the acquisition of nine businesses.

Commenting on the change announced today, Paul Lester, Chairman, said:

"The Board and I would like to thank Paul for his outstanding contribution to Essentra during his tenure as CEO. Under his careful stewardship and excellent leadership, the Group has been transformed from a weak state and restored to long term profitable growth. All this - and material growth in profitability - has been achieved despite multiple external headwinds in recent years. Paul will leave the Board with our very best wishes and our sincere thanks and appreciation for all that he has achieved.

Following a thorough review, the Nominations Committee unanimously recommended to the Board that Scott be appointed as the Company's new Chief Executive. Scott has extensive knowledge and experience of the Components business and a successful track record of developing and expanding the division both organically and through acquisition.

I look forward to continuing to work with Scott as the Company embarks on the new phase of its journey."

Paul Forman said:

"It has been a huge privilege to be part of the Essentra family, and I am immensely proud of all that we have achieved. Scott's leadership has been instrumental in the successful growth and development of the Components business in recent years. I am confident that he has the right skills and relevant experience to lead Essentra through the next stage of its development and will continue to drive the Company forwards. Finally - but most importantly - I would like to thank all of my colleagues across the world for their hard work, friendship and commitment through times of change and extreme challenge. They should all be truly proud of what they have achieved and excited by the opportunities each of the three world class businesses have."

Scott Fawcett said:

"I am delighted to be taking on my new role to lead Essentra at a pivotal point in the Company's journey. I would like to thank Paul for his support in establishing the Components growth strategy and his mentorship and guidance throughout his tenure and wish him well for the future.

The Components division has a well-established and successful business model which underpins our proven strategy of growth. I look forward to evolving the business as a global leading manufacturer and distributor of components with a clear strategy, and significant opportunities to accelerate growth organically and inorganically to expand market share."

Capital Markets Event

Essentra plc will hold a Capital Markets Event for investors and analysts on 9 November 2022. The management team will be joined by a range of senior leaders from across Components to provide further detail on the strategy as the Company moves forward as a global leading manufacturer and distributor of components.

The Capital Markets Event will start at 8.30am UK time at Peel Hunt LLP, 7th Floor, 100 Liverpool St, London EC2M 2AT.

There are two options for participating in the event:

   1.   To attend the event in person, please e-mail your details to investorrelations@essentra.com 
   2.   To join the live webcast of the presentation, please pre-register at: https://www.essentraplc.com/en/investors/company-information/webcasts-and-presentations 

A recording of the webcast will be made available on the Company's website later in the day.

No new material financial information will be disclosed.

 
 Investor enquiries                           Media enquiries 
  Essentra plc                                  Tulchan Communications LLP 
  Jack Clarke, Chief Financial Officer          Olivia Peters 
  Claire Goodman, Group Investor Relations      Lisa Jarrett-Kerr 
  Manager                                       Tel: +44 (0)20 7353 4200 
  Emma Reid, Head of Governance 
  Tel: +44 (0)1908 359100 
 

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