News Release

29 May 2024

Board Succession

Spirax Group plc announces the following Board changes in accordance with its ongoing succession planning.

As previously announced, Jamie Pike will retire from the Board on 31 December 2024, having served as a Non-Executive Director since 2014 and as Chair since 2018.  The Board agreed with Jamie that he would serve as Chair until no later than the end of 2024 in order to ensure a successful handover of Group CEO responsibilities from Nick Anderson to Nimesh Patel and to facilitate an appropriate handover to the incoming Chair.

Tim Cobbold will join the Board as a Non-Executive Director and Chair Designate with effect from 1 September 2024 and will take over as Chair of the Board and Nomination Committee on 1 January 2025.  Tim's appointment is subject to election as a Director at the Company's AGM to be held in May 2025.

In accordance with the Code, Tim's proposed appointment follows a rigorous selection and interview process, which included independent advice from external consultants.  Tim will continue as Chair of TI Fluid Systems plc and, as announced today by Rotork plc (Rotork), he will be stepping down as a Director of Rotork with effect from 31 December 2024. 

Commenting on Jamie Pike's retirement, Nimesh Patel, Group Chief Executive Officer, said:

"We are grateful to Jamie for his contribution over the last decade to establish our Group's strong foundations, leaving us well positioned for the future.  In his role as Chair, Jamie's leadership has been vital in guiding the business through significant change, earning him the respect of our stakeholders, including our shareholders and our colleagues. I would also like to thank Jamie for his support as I took up the role of Group CEO.

"We are delighted that Tim will be joining our Board later this year.  Tim's broad business experience with global industrial companies, as well as his experience as CEO of three FTSE listed businesses with a strong track record of value creation through growth and operational delivery, will benefit the further development of Spirax Group.  I look forward to working with him as we continue to evolve our Group."

Commenting on his retirement and Tim's proposed appointment, Jamie Pike, Chair, said:

"It has been a pleasure to serve both the shareholders and the Company, as well as to see the Group make significant progress.  I leave Spirax Group well positioned for the future, as a stronger, more balanced and more sustainable Group of three leading and solutions-focused Businesses.  I am confident that Spirax Group will continue to go from strength to strength under the leadership of the Board and Group Executive Committee and with the support of colleagues worldwide who all have my very best wishes for the future."

Remuneration disclosures:

Tim Cobbold will receive a pro rata standard Non-Executive fee of £70,000 for the period 1 September 2024 to 31 December 2024 and, as Chair from 1 January 2025, an annual fee of £400,000.  

There is no additional information to be disclosed pursuant to LR 9.6.13 R.

Enquiries:

Spirax Group:                                                                                    +44 (0) 1242 535 000

Mal Patel, Head of Investor Relations                                     investors@spiraxgroup.com

Hazel Meldrum, Group Head of Communications              communications@spiraxgroup.com

Teneo:                                                                                                 +44 (0) 20 7260 2700

Martin Robinson                                                                              spiraxgroup@teneo.com

Notes to Editors:

Biography of Tim Cobbold

Tim was the Chief Executive Officer of UBM plc, De La Rue plc and Chloride Group plc. He is currently Chair of TI Fluid Systems plc. He will be the Senior Independent Director and Chair of the Remuneration Committee at Rotork plc until 31 December 2024. Tim is a Fellow of the ICAEW and holds a BSc, Mechanical Engineering, from Imperial College, London.

About Spirax Group

Spirax Group is positioned to play a critical role in enabling the industrial transition to net zero, aligned to our Purpose to create sustainable value for all our stakeholders as we engineer a more efficient, safer and sustainable world.  We put solving customers' problems at the heart of our 'total solutions' approach. Our global thermal energy and fluid technology solutions improve operating efficiency and safety in our customers' critical industrial processes. Our decarbonisation solutions use proprietary technologies to eliminate scope 1 and 2 greenhouse gas emissions* by electrifying boilers for the raising of steam, as well as the electrification of other critical industrial process heating applications.

Spirax Group comprises three strong and aligned Businesses: Steam Thermal Solutions helps customers control and manage steam within their mission critical industrial applications, such as cleaning, sterilising, cooking and heating.  We are helping to put food safely on the world's tables and keeping our hospitals running. Electric Thermal Solutions has proprietary technologies that deliver electrification solutions at scale in industrial settings, including for the raising of steam, supporting our customers to achieve their net zero goals. We also deliver freeze protection and defrost solutions critical to aviation and space industries and ensure thermal uniformity in Semiconductor chip manufacturing to power the critical electronic systems we rely on.  Watson‐Marlow Fluid Technology Solutions is optimising the efficient use of resources and supporting advancements in global health, such as lifesaving vaccines and gene therapies.

Spirax Group is headquartered in Cheltenham (UK). We have 37 strategically located manufacturing plants around the world and are committed to creating a safe and inclusive working culture for our 10,000 colleagues, operating in 66 countries and serving 110,000 customers globally.  The Company's shares have been listed on the London Stock Exchange since 1959 (symbol: SPX) and we are a constituent of the FTSE 100 and the FTSE4Good Indexes.

*When connected to a green electricity source.