SIG plc has announced that chief executive Meanie Oldersma and finance chief Nick Maddock have resigned with immediate effect. Turn around specialist Steve Francis has been appointed as chief executive. Shares in SIG crashed more than 10% in early trading to reach a 52 week low.
SIG has appointed Mr Francis on an initial contract until 31 December 2020. He has had a wide-ranging CEO, CFO and management consulting career and is said to be a strong leader with a proven track record of returning radically restructured businesses back to growth. Last year he was involved in the administration of Patisserie Valerie Group.
The Board has also appointed Kath Kearney-Croft as interim chief financial officer with immediate effect. Ms. Kearney-Croft joined the Company in January 2020 initially to provide support to the executive team during the leave of absence of Meinie Oldersma. Prior to joining SIG, she was Group Finance Director of The Vitec Group plc for two years and served at Rexam plc for nine years in a number of senior financial leadership roles including Group Finance Director prior to Rexam being acquired by Ball Corporation Inc.
Andrew Allner, non-executive Chairman, will continue to provide increased levels of support to the new executive team to ensure a smooth transition of responsibilities. He said: “Steve Francis is a widely experienced CEO with a strong track record of returning businesses to growth and so the Board has appointed him to help deliver this goal and help build relationships with all stakeholders.”
In a trading update at the same time SIG said results for 2019 are still expected to show an underlying profit before tax for the year of c.£42 million (2018: £73 million). Trading in the early period of 2020 has seen a continuation of the trends in the last quarter of 2019.
The Group has also delayed the announcement of its 2019 full year results from 6 March to the second half of April.