Group CEO succession
('Zotefoams', the 'Company' or 'Group')
Group CEO succession
7 November 2023 - Zotefoams (LSE: ZTF), a world leader in cellular materials technology, announces that David Stirling has informed the Board of his intention to retire from his role as Group CEO and from the Board within the next 12 months. David will continue in his post until a successor is appointed and has committed to remaining available thereafter, to support and advise the business in executing an effective transition in the leadership of the Group. The Board has therefore commenced a formal succession process, supported by global organisational consulting firm Korn Ferry.
A director of Zotefoams for more than 26 years, David was appointed as Group CEO in May 2000. Under his leadership, the Group has been transformed into a global leader in specialist foam technologies, with a diverse customer base, product range and manufacturing operations in the UK, Europe, North America and Asia.
The Group's new CEO will join a strong executive leadership team with significant functional and market experience, gained from within and outside the business. The Board remains confident that the business remains well positioned to deliver long-term sustainable growth across an increasingly broad spectrum of end markets and geographies.
Dr Lynn Drummond, Chair of the Company, said: "David has made an enormous contribution to Zotefoams. The Board is committed to finding the right person to succeed him and we appreciate David's support in enabling us to manage this succession in the most effective way."
David Stirling, Group CEO, commented: "It has been a privilege and pleasure to lead the development of Zotefoams, which is now a multi-site global business. The time is now right for me to retire and for the business to plan my succession. Zotefoams will continue to receive my support and I will remain with the business to help with the transitional period as a new CEO is appointed."
There is no further information which would require disclosure under LR9.6.13 of the Listing Rules of the Financial Conduct Authority.
+44 (0) 208 664 1600
David Stirling, Group CEO
Gary McGrath, Group CFO
+44 (0) 203 934 6630
About Zotefoams plc
Zotefoams plc (LSE - ZTF) is a world leader in cellular materials technology delivering optimal material solutions for the benefit of society. Utilising a variety of unique manufacturing processes, including environmentally friendly nitrogen expansion for lightweight AZOTE® polyolefin and ZOTEK® high-performance foams, Zotefoams sells to diverse markets worldwide. Zotefoams uses its own cellular materials to manufacture T-FIT® advanced insulation for demanding industrial markets. Zotefoams also owns and licenses patented microcellular foam technology to reduce plastic use in extrusion applications and for ReZorce® mono-material recyclable barrier packaging.
Zotefoams is headquartered in Croydon, UK, with additional manufacturing sites in Kentucky, USA, Brzeg, Poland (foam manufacture), Oklahoma, USA (foam products manufacture and conversion), Massachusetts, USA, Stilling, Denmark (microcellular foam technology) and Jiangsu Province, China (T-FIT).
AZOTE®, ZOTEK®, ReZorce® and T-FIT® are registered trademarks of Zotefoams plc.