Group CEO succession
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7 November 2023 - Zotefoams (LSE: ZTF), a world leader in cellular materials technology, announces that David Stirling has informed the Board of his intention to retire from his role as Group CEO and from the Board within the next 12 months. David will continue in his post until a successor is appointed and has committed to remaining available thereafter, to support and advise the business in executing an effective transition in the leadership of the Group. The Board has therefore commenced a formal succession process, supported by global organisational consulting firm Korn Ferry.
A director of Zotefoams for more than 26 years, David was appointed as Group CEO in May 2000. Under his leadership, the Group has been transformed into a global leader in specialist foam technologies, with a diverse customer base, product range and manufacturing operations in the UK, Europe, North America and Asia.
The Group's new CEO will join a strong executive leadership team with significant functional and market experience, gained from within and outside the business. The Board remains confident that the business remains well positioned to deliver long-term sustainable growth across an increasingly broad spectrum of end markets and geographies.
Dr Lynn Drummond, Chair of the Company, said: "David has made an enormous contribution to Zotefoams. The Board is committed to finding the right person to succeed him and we appreciate David's support in enabling us to manage this succession in the most effective way."
David Stirling, Group CEO, commented: "It has been a privilege and pleasure to lead the development of Zotefoams, which is now a multi-site global business. The time is now right for me to retire and for the business to plan my succession. Zotefoams will continue to receive my support and I will remain with the business to help with the transitional period as a new CEO is appointed."
There is no further information which would require disclosure under LR9.6.13 of the Listing Rules of the Financial Conduct Authority.
AZOTE®, ZOTEK®, ReZorce® and T-FIT® are registered trademarks of Zotefoams plc.
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