Synthomer plc (LON:SYNT) has announced the appointment of Lily Liu as Chief Financial Officer. Lily will take up the role no later than 1 July 2022, succeeding Steve Bennett who announced in August 2021 that he would step down once a suitable successor was in place.
Lily is a highly experienced CFO with an impressive track record of building strong performing finance teams and creating business value through organic and inorganic growth. She has worked in the manufacturing and engineering sectors for over 20 years, and joins from Essentra plc, a FTSE 250 components and solutions business, where she has been CFO. Lily was previously CFO at Xaar plc, a UK listed inkjet technology developer, and Smiths Detection business, a division of Smiths Group plc. Lily was born in Beijing and holds a degree in Economics from the Shanghai University of International Business & Economics. She moved to Sydney, Australia where she completed an MBA and developed her career with an investment bank before joining the BOC group, with whom she had a varied and successful career and moved to work in the UK in 2003.
Lily is currently a Non-Executive Director and member of the Audit Committee of DCC plc, a FTSE 100 listed international sales, marketing and support services business.
Commenting, Michael Willome, Chief Executive Officer, said:
“I am delighted that Lily has accepted the Board’s offer to join Synthomer as Chief Financial Officer. She has a proven track record as a CFO and brings wide international business experience, having worked in the UK, Australia and Asia. I look forward to working with her to continue delivering on Synthomer’s value creation agenda. I would also like to thank Steve for his enormous contribution and commitment to the Company, and wish him every success for the future.”
Lily Liu added:
“I am very pleased to be joining Synthomer at an exciting point in the Company’s development following the acquisition of the Eastman Adhesives Resins business in 2022. I look forward to working with Michael and the team on delivering the integration benefits and building on the considerable success which Synthomer has achieved to date.”
There are no other details that are required to be disclosed under Listing Rule 9.6.13.
All remuneration arrangements for Lily are consistent with the terms of the Directors’ Remuneration Policy approved by shareholders at the AGM in April 2020. Lily will receive a base salary of £440,000 per annum. She will receive a pension allowance in line with the UK workforce. Lily will participate in the current Executive Director Annual Bonus Plan, which has an annual award opportunity of 150% of base salary (one-third deferred into shares for two years). She will participate in the Synthomer Performance Share Plan with an annual award opportunity of 150% of base salary, subject to performance conditions measured over a three-year period, with an additional two years holding period. She will be eligible to participate in both schemes in 2022. Lily will be required to build a shareholding equal to 200% of annual basic salary.
Lily will be entitled to benefits in line with Synthomer‘s current policy. Lily’s employment contract requires 12 months’ notice of termination by her and the Company.