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.
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.
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.
Jemma Spalton, Smiths Group
+44 (0)20 7004 1637
+44 (0)78 6739 0350
Marion Le Bot, Smiths Group
+44 (0)20 7004 1672
+44 (0)75 8315 4386
Andrew Lorenz, FTI Consulting
+44 (0)20 3727 1323
+44 (0)77 7564 1807
Deborah Scott, FTI Consulting
+44 (0)203 727 1459
+44 (0)797 953 7449