Victrex plc (LON:VCT) today announced that Tim Cooper, Executive Director, has notified the Board of his intention to retire from the Company with effect from 20 June 2020 after 10 successful years at Victrex. It has been agreed that he will step down from the Board and his executive role on 30th September 2019.
Tim joined Victrex in January 2010 as Managing Director of the Industrial division. As Executive Director, he has responsibility for the Industrial division and the Group’s sales and operations functions.
Victrex has no current plans to directly replace Tim and his functional responsibilities will be assumed by the other Executive Directors. Martin Court, Executive Director, will now oversee the Group’s market-based activities across its Industrial and Medical divisions as Chief Commercial Officer, effective from 1st October 2019, and there will be no change to the divisional financial reporting structure. Tim will support an appropriate handover and transition process.
Larry Pentz, Chairman of Victrex, said: “On behalf of the Board, I would like to thank Tim for his service to Victrex and wish him well in his retirement. Over 10 years he has helped Victrex pioneer new markets and drive forward our commercial activities. Tim has made an extremely valuable contribution to Victrex, which keeps us well placed for the medium to long term.”
Jakob Sigurdsson, Chief Executive of Victrex, said: “I would like to thank Tim for his support, insight and wise counsel since I joined as Chief Executive in 2017. We wish him well in his retirement, which is well deserved.”
Tim remains a non-executive director of Renold plc.
All remuneration arrangements for Tim Cooper are in accordance with Victrex’s Remuneration Policy. For the purposes of incentive awards the Remuneration Committee has determined Tim to be a good leaver. Details of the remuneration arrangements relating to Tim’s retirement will be posted on Victrex’s website in accordance with section 430(2B) of the Companies Act 2006.