Synthomer PLC Appointment of Chief Financial Officer (6555T)
November 26 2021 - 1:00AM
UK Regulatory
TIDMSYNT
RNS Number : 6555T
Synthomer PLC
26 November 2021
26th November 2021
Synthomer plc
Appointment of Chief Financial Officer
Synthomer plc ("Synthomer" or "the Company") today announces the
appointment of Lily Liu as Chief Financial Officer (CFO). Lily will
take up the role no later than 1 July 2022, succeeding Steve
Bennett who announced in August 2021 that he would step down once a
suitable successor was in place.
Lily is a highly experienced CFO with an impressive track record
of building strong performing finance teams and creating business
value through organic and inorganic growth. She has worked in the
manufacturing and engineering sectors for over 20 years, and joins
from Essentra plc, a FTSE 250 components and solutions business,
where she has been CFO. Lily was previously CFO at Xaar plc, a UK
listed inkjet technology developer, and Smiths Detection business,
a division of Smiths Group plc. Lily was born in Beijing and holds
a degree in Economics from the Shanghai University of International
Business & Economics. She moved to Sydney, Australia where she
completed an MBA and developed her career with an investment bank
before joining the BOC group, with whom she had a varied and
successful career and moved to work in the UK in 2003.
Lily is currently a Non-Executive Director and member of the
Audit Committee of DCC plc, a FTSE 100 listed international sales,
marketing and support services business.
Commenting, Michael Willome, Chief Executive Officer, said:
"I am delighted that Lily has accepted the Board's offer to join
Synthomer as Chief Financial Officer. She has a proven track record
as a CFO and brings wide international business experience, having
worked in the UK, Australia and Asia. I look forward to working
with her to continue delivering on Synthomer's value creation
agenda. I would also like to thank Steve for his enormous
contribution and commitment to the Company, and wish him every
success for the future."
Lily Liu added:
"I am very pleased to be joining Synthomer at an exciting point
in the Company's development following the acquisition of the
Eastman Adhesives Resins business in 2022. I look forward to
working with Michael and the team on delivering the integration
benefits and building on the considerable success which Synthomer
has achieved to date."
There are no other details that are required to be disclosed
under Listing Rule 9.6.13.
Remuneration
All remuneration arrangements for Lily are consistent with the
terms of the Directors' Remuneration Policy approved by
shareholders at the AGM in April 2020. Lily will receive a base
salary of GBP440,000 per annum. She will receive a pension
allowance in line with the UK workforce. Lily will participate in
the current Executive Director Annual Bonus Plan, which has an
annual award opportunity of 150% of base salary (one-third deferred
into shares for two years). She will participate in the Synthomer
Performance Share Plan with an annual award opportunity of 150% of
base salary, subject to performance conditions measured over a
three-year period, with an additional two years holding period. She
will be eligible to participate in both schemes in 2022. Lily will
be required to build a shareholding equal to 200% of annual basic
salary.
Lily will be entitled to benefits in line with the Group's
current policy. Lily's employment contract requires 12 months'
notice of termination by her and the Company.
Further information
Tim Hughes, President, Corporate Development Tel: 01279 436211
Charles Armitstead, Teneo Tel: 07703 330 269
ENDS
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END
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