Victrex plc
VCT · Main Market · Chemicals · mcap £820m · 892.0p 2 open situations →
Open · 2
CEO succession
Part of Profit Improvement Plan – Folded into five-year Optimise plan
James Routh became CEO on 1 January 2026 and set up a refreshed leadership team and new operating model. The CFO and three senior executives left on 31 July 2026. Chris Gilbert joined as Interim CFO on 1 Sept 2026, off the Board. The strategy update comes at the Capital Markets Event.
- Reset
- New operating model and refreshed high performance leadership team
- Next milestone
- Capital Markets Event, later in September 2026 (24 September 2026) 9 Sep 2026 ↗
- CFO exit
- Ian Melling leaves 31 July 2026; search under way, interim finance leadership update to follow 24 Jul 2026 ↗
- Other exits
- Michael Koch, Jane Brisley and Andrew Hanson leave 31 July 2026 24 Jul 2026 ↗
- New hires
- Andrew Ng, Chief Commercial Officer (May 2026); Daniel Diffenderfer, MD Medical (July 2026) 24 Jul 2026 ↗
- Board
- Maria Antoniou joins 1 Sept 2026 9 Sep 2026 ↗
Next: permanent CFO appointment not stated
- 24 Sep 2026 Strategy delivered; CFO search continues
- 9 Sep 2026 Interim CFO in post; permanent CFO search continues
- 24 Jul 2026 Leadership overhaul continues; CFO search open
- 7 Jul 2026 Reset under way; event date set
Profit Improvement Plan
Includes CEO succession – Strategy delivered; CFO search continues
The Profit Improvement Plan, launched in December 2025, targets at least £10m annual savings. The 10% headcount reduction is now complete, with initial benefits seen in Q4. Full savings are expected in FY 2027. Kleiss Gears was sold on 7 Aug 2026 with a c£3m exceptional loss.
- Savings target
- At least £10m annualised, delivered in FY 2027 9 Sep 2026 ↗
- Cash cost
- Up to £10m exceptional, mainly FY 2026
- Headcount
- 10% reduction completed 9 Sep 2026 ↗
- Extra charge
- Up to £10m non-cash in H2 2026 from portfolio simplification
- Next milestone
- Capital Markets Event, September 2026 9 Sep 2026 ↗
- Kleiss disposal
- Completed 7 August 2026; c£3m exceptional loss 9 Sep 2026 ↗
Next: deliver Optimise targets: gross margin c.50% by FY31
- 24 Sep 2026 Folded into five-year Optimise plan
- 9 Sep 2026 Headcount cut done; early savings in Q4
- 7 Jul 2026 On track; most leavers gone in Q3
- 11 May 2026 Progressing; c10% roles cut, savings from late H2
Closed · 2
Company filings. Not investment advice.