Victrex PLC Directorate Change (3599Y)

TIDMVCT

RNS Number : 3599Y

Victrex PLC

05 December 2017

5 December 2017

Victrex plc: Directorate change

Louisa Burdett to step down from the Board in 2018

Richard Armitage appointed as Group Finance Director

Victrex plc, an innovative world leader in high performance polymer solutions, announces that Louisa Burdett has notified the Board of her intention to step down during 2018 after completing over four successful years as Group Finance Director of the Company. Louisa will work through an orderly transition with Richard Armitage, currently Group Finance Director at Samworth Brothers, who has been appointed as her successor. Richard will join Victrex on 9 April 2018, taking over as Group Finance Director from that date.

Larry Pentz, Chairman of Victrex, said: "We are very grateful to Louisa for her contribution to Victrex since 2014. We have benefited from her financial discipline, cost efficiency focus, the recent Patent Box outcome and our capital allocation policy. Louisa's intention to step down reflects her desire to further progress her career after four successful years, as well as the natural transition alongside Dave's recent retirement as CEO, and the Board wishes her well."

"The Board is delighted that Richard has agreed to join Victrex. He is a proven and commercially focused Finance Director, with listed company experience across several sectors, including in materials and manufacturing companies. Richard will provide strong support to Jakob and our Executive team as we focus on delivering our Polymer & Parts strategy."

Jakob Sigurdsson, Chief Executive of Victrex, said: "I am very much looking forward to working with Richard as part of the Executive team. He joins at a good time for Victrex, with a healthy core business, a strong pipeline of new products and a highly cash generative business model. I would also like to thank Louisa for the support she has given me since joining Victrex and wish her well as she further develops her career."

Louisa and Richard will work through a transition and Louisa is expected to leave Victrex by summer 2018. Richard's appointment follows a thorough search process and he will be appointed on a base salary of GBP360,000.

There are no disclosures under paragraph 9.6.13R (1)-(6) of the Listing Rules.

Enquiries:

Victrex plc:

Andrew Hanson, Director of Investor Relations & Corporate Communications

[phone]

Larry Pentz, Chairman

[phone]

Jakob Sigurdsson, Chief Executive

[phone]

Louisa Burdett, Group Finance Director

[phone]

Notes:

1/ Richard Armitage, 52, FCMA, is currently Group Finance Director of Samworth Brothers, a UK based branded and own-label food manufacturer, which he joined in 2014. Prior to Samworth Brothers he was Chief Financial Officer of McBride plc, a manufacturer of household and personal care products. His other roles include Finance Director for Premier Foods plc's Grocery and Chilled Divisions, and at Courtaulds, ICI and Boots plc. Richard trained through the Courtaulds and ICI Management Development programmes.

Richard will be granted a share award under the 2009 Long Term Incentive Plan following commencement of employment, equivalent to 100% of salary, vesting of which will be subject to the normal performance conditions and rules of the Plan.

2/ Pursuant to Louisa Burdett's service agreement, she will receive her salary through to December 2018, based on her contractual notice period of 12 months. She will also be entitled to receive her non-cash benefits through to summer 2018, by when Louisa is expected to leave Victrex. Louisa will receive a cash bonus for the financial year ended 30 September 2017, in respect of which the Remuneration Committee has exercised its discretion to waive 25% of the bonus to be deferred into shares. She will not be entitled to participate in either the 2018 cash bonus plan or the grant of option awards under the 2009 LTIP in the 2018 financial year. The share grant made to Louisa in December 2014 will partially vest and be released in accordance with the terms of grant in equal one-third tranches over the next three years.

About Victrex:

Victrex is an innovative world leader in high performance polymer solutions, focused on the strategic markets of Automotive, Aerospace, Energy (including Manufacturing & Engineering), Electronics and Medical. Every day, millions of people rely on products or applications which contain our materials, from smartphones, aeroplanes and cars to oil & gas operations and medical devices. With over 35 years' experience, we develop world leading solutions in PEEK and PAEK-based polymers, semi-finished and finished parts which shape future performance for our customers and our markets, and drive value for our shareholders. Find out more at www.victrexplc.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

BOAEAFALEALXFAF

(END) Dow Jones Newswires

December 05, 2017 02:01 ET (07:01 GMT)