Croda International Plc (LON:CRDA) has announced that Louisa Burdett, Chief Financial Officer, intends to leave the Company in June 2024 to become Chief Financial Officer at Spirax-Sarco Engineering plc. The Board has commenced the search for Louisa’s successor.
Commenting, Anita Frew, Chair of Croda International said:
“On behalf of the Board and all Croda colleagues, Steve Foots and I would like to thank Louisa for her contribution to the Company. Louisa will leave with our best wishes next summer and in the meantime, a search for her successor is underway. A further announcement will be made in due course.”
Croda International confirms that trading is in line with previous guidance and Full Year 2023 Group adjusted profit before tax (PBT) is still expected to be between £300m and £320m. Principally due to recent currency movements, notably in Argentina, PBT is expected to be towards the lower end of that range.
Spirax-Sarco Engineering plc (LON:SPX) said that Louisa is a highly experienced CFO having led finance functions in several large companies including UK-listed Meggitt and Victrex. Louisa is currently Chief Financial Officer of Croda International Plc and serves as a Non-Executive Director and Audit Committee Chair of RS Group plc.
The search for the successor to Nimesh Patel began shortly after the announcement of Nimesh’s appointment to Group Chief Executive, a role he will take up on 16 January 2024.
The Board is also pleased to confirm that Director of Group Finance, Phil Scott, will take up the role of Interim Chief Financial Officer with effect from 16 January 2024. Phil’s current responsibilities include internal and external reporting, tax, treasury and pensions. He joined the Group in 2021 with more than 20 years experience of leading senior finance teams in Ferguson plc and Vodafone Group plc.
Jamie Pike, Chair, commented: “I look forward to welcoming Louisa to the Group and its Board of Directors in July. Louisa has an exceptional track record in leading finance for UK listed companies, together with related Non-Executive and sector experience that will be invaluable to the Board and Executive Leadership team as we progress on our journey towards creating sustainable value for all our stakeholders.”
Nimesh Patel, added: “I am delighted that Louisa will be joining our Group next year. Her insights, borne off a long and successful career in some of the UK’s leading industrial companies, as well as her strong values, will bring further strength and depth to the Group. I am really looking forward to working with Louisa, and our Executive Leadership colleagues, as we combine our respective knowledge, capabilities and energy to prepare for the opportunities we see ahead.
“Having worked closely with Phil, I appreciate his deep understanding of the Group and I am very pleased that he has agreed to act as CFO on an interim basis. Phil will support both the Board and the Executive Team from 16 January through to completion of an orderly handover to Louisa after our Half Year results.”
