Regulatory News Item

RNS Number : 7519T
Smiths Group PLC
17 October 2017
 

 

 

 

News Release

London, 17 October 2017

For immediate release

 

 

Appointment of Chief Financial Officer Designate

 

Smiths Group plc ("Smiths" or the "Group") is pleased to announce today the appointment of John Shipsey as Chief Financial Officer Designate on Wednesday 18 October 2017.

John will be appointed to the Board and take over as Chief Financial Officer on 1 January 2018, following a thorough handover process with current Chief Financial Officer, Bill Seeger, who will retain full responsibility for the role until then.

For 12 years John was the Chief Financial Officer of Dyson, the fast-growing global technology company. Prior to this, John worked at Diageo plc in various senior finance and strategy roles across the globe. John holds a BA from Oxford University and an MBA from INSEAD.  John qualified as a Chartered Accountant with Price Waterhouse.

 Andy Reynolds Smith, Chief Executive of Smiths Group, commented:

"We are delighted to welcome John to Smiths Group at a very exciting time as we continue to execute our strategy of driving sustainable growth. John's excellent track record as Chief Financial Officer of a progressive, international business focused on technological innovation, makes him ideally suited to the role.  We look forward to working with John and to his positive contribution in supporting the ongoing successful execution of the Group's strategy."

 John Shipsey, Chief Financial Officer Designate, commented:

"Smiths is a dynamic and focused company with an impressive portfolio of businesses and strong financial characteristics. I'm excited by the opportunity of joining Andy and the team to help deliver on the next phase of growth while continuing to focus on driving efficiency and world-class competitiveness throughout our businesses."

No further information is required to be disclosed pursuant to Listing Rule 9.6.13.

 

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Notes to editors:

 

John Shipsey biography

John, 53, was Chief Financial Officer for Dyson, the fast-growing global technology company, from 2005 to March 2017 during which time he was a key member of the team leading Dyson's transformation, growing revenues to £2.5bn (2016) with EBITDA of £0.6bn (2016) and operations in 75 countries. Prior to joining Dyson, John worked at Diageo plc for 13 years in a number of senior finance and strategy roles, including Finance Director for its Iberia region and Chief Financial Officer of Schieffelin & Somerset, a US joint venture between Diageo and LVMH.  John began his career at Price Waterhouse where he qualified as a Chartered Accountant.

Remuneration

John's service contract, remuneration and benefits will be consistent with the Smiths Group plc Directors' Remuneration Policy approved by shareholders at the Annual General Meeting ('AGM') in November 2015. A summary of the key terms is provided here.

John will receive a base salary of £510,000 per annum and he will be eligible for an annual bonus of up to 150% of base salary, one third of which will be deferred into Smiths Group plc shares. He will also be eligible for an annual award under the Company's Long Term Incentive Plan of up to 250% of base salary. Additionally, he will receive a pension allowance of 25% of his base salary, private healthcare and other customary benefits.  His service contract requires 6 months' notice of termination by him and 12 months by the Company. There will be no buy-out award or other payment made in connection with his recruitment.

 

 

Contact details

 

Investor enquiries

Jemma Spalton, Smiths Group

+44 (0)20 7004 1637

+44 (0)78 6739 0350

jemma.spalton@smiths.com

 

Marion Le Bot, Smiths Group
+44 (0)20 7004 1672
+44 (0)75 8315 4386
marion.lebot@smiths.com

Media enquiries

Andrew Lorenz, FTI Consulting
+44 (0)20 3727 1323

+44 (0)77 7564 1807

smiths@fticonsulting.com

Deborah Scott, FTI Consulting
+44 (0)203 727 1459
+44 (0)797 953 7449
smiths@fticonsulting.com

 

About Smiths Group

Smiths Group is a global technology company listed on the London Stock Exchange (SMIN) and operates a sponsored level one ADR programme (SMGZY). A world leader in the practical application of advanced technologies, Smiths Group delivers products and services for the threat & contraband detection, medical devices, energy and communications markets worldwide. Smiths Group employs more than 22,000 people in over 50 countries. For more information visit www.smiths.com.

 

Disclaimer

This announcement contains certain statements that are forward-looking statements. They appear in a number of places throughout this announcement and include statements regarding our intentions, beliefs or current expectations and those of our officers, directors and employees concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this announcement and, unless otherwise required by applicable law, Smiths undertakes no obligation to update or revise these forward-looking statements. Nothing in this document should be construed as a profit forecast.

 

No statement in this announcement is intended to be a profit forecast and no statement in this announcement should be interpreted to mean that earnings per Smiths ordinary share for the current or future financial years would necessarily match or exceed the historical published earnings per Smiths ordinary share.  Prices and values of, and income from, shares may go down as well as up and an investor may not get back the amount invested.  It should be noted that past performance is no guide to future performance.  Persons needing advice should consult an independent financial adviser. 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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