Spirax-Sarco CEO to step down, CFO to take up role

(Sharecast News) - Thermal energy and fluid technology specialist Spirax-Sarco Engineering announced a forthcoming change in leadership on Tuesday. The FTSE 100 company said Nicholas Anderson, current group chief executive, had communicated to the board his intention to retire early next year.

It said Anderson's retirement would mark the end of his decade-long tenure in the role.

Following a thorough succession procedure, the board also announced that Nimesh Patel would succeed Anderson as group CEO, starting from 16 January next year.

Patel joined Spirax-Sarco in 2020 as its chief financial officer - a role he continues to hold.

"Nick has led the group with distinction and meaningfully improved on the group's long record of consistent and quality growth," said board chair Jamie Pike.

"Under Nick's leadership, group sales and profits grew by a multiple of over 2.5, the number of our colleagues has doubled and the market capitalisation has nearly quadrupled, firmly establishing our group as a constituent of the FTSE 100 Index.

"More than half of this growth was organic, with the balance coming from successful acquisitions that strengthened and enhanced the Steam Specialties and Watson-Marlow businesses, as well as established our Electric Thermal Solutions (ETS) business."

Pike noted that Anderson was also leaving the group with "firmly embedded" sustainability strategies, inclusion and equity programmes, as well as successful leadership and talent development programmes that contributed to the selection of an internal successor.

Pike added that Nimesh Patel's appointment as group CEO marked the completion of the board's long-term planning for Anderson's succession.

"During his three-year tenure as CFO and a member of the board, Nimesh has played a significant role in shaping our strategy, working with colleagues to enhance our unique culture and business model to fulfil our purpose.

"We have observed Nimesh's natural leadership style and proven ability to engage at all levels throughout the organisation and with external stakeholders.

"His strategic approach and deep understanding of our businesses, together with his global and financial experience all underpin the board's confidence in the future leadership of our group."

Jamie Pike confirmed that Nimesh Patel would continue as CFO until 16 January 2024, adding that the board had started a process to appoint a successor to the role, which would be announced in due course.

Reporting by Josh White for Sharecast.com.