Coats Group PLC Directorate Change (3215I)
April 01 2020 - 2:00AM
UK Regulatory
TIDMCOA
RNS Number : 3215I
Coats Group PLC
01 April 2020
1 April 2020
Coats Group plc
Retirement of Chief Financial Officer
Coats Group plc ('Coats', the 'Company' or the 'Group'), the
world's leading industrial thread manufacturer, announces that
Simon Boddie, currently Chief Financial Officer, has advised the
Board of his intention to retire from the Company and the Board
with effect from 31 March 2021 to pursue further non-executive
opportunities. This will allow time to complete the search for a
successor and ensure a smooth transition of his
responsibilities.
Simon joined Coats in July 2016. During his tenure Simon has
overseen the development and execution of the M&A strategy,
including the acquisitions of Patrick Yarn Mills, ThreadSol and
most recently Pharr HP, in addition to the disposal of the non-core
North American Crafts business which resulted in Coats becoming a
focused B2B industrial manufacturing business. In addition, Simon
oversaw the final stages of the pensions regulatory investigations
in 2016/17, and since then has worked to streamline the group's
pension arrangements.
Commenting, Mike Clasper, Chairman, said: ' The Board would like
to extend its thanks to Simon for the excellent contribution he has
made to Coats. Amongst his many achievements, he has strengthened
the finance function, successfully delivered a Group refinancing
package, helped support the Connecting for Growth global
transformation programme and improved our outsourcing
effectiveness. He has also guided the development of our M&A
capability, resulting in a B2B focused business and a series of
quality bolt on acquisitions, all whilst maintaining a strong
Balance Sheet. I look forward to us continuing to working together
to prepare for a seamless transition to his successor.'
Commenting on the announcement, Simon Boddie, said: 'I am
pleased with the significant transition I have been able to support
the business through over the last 4 years. Coats has been a
rewarding place to work, and I am pleased to have helped lead Coats
into its latest phase of its 250 year history. I have no doubt that
the group will thrive in the future and I wish my colleagues every
success. Prior to my departure, I will continue to support the team
through the current challenges we face in relation to Covid-19 in
order to ensure we exit this time of uncertainty in a position of
strength.'
_________________________________________________________________________________
Enquiry details
+44 (0)20 8210
Investors Rob Mann Coats Group plc 5175
Richard Mountain +44 (0)20 3727
Media / Nick Hasell FTI Consulting 1374
_________________________________________________________________________________
About Coats Group plc
Coats is the world's leading industrial thread company. At home
in some 50 countries, Coats has a workforce of 17,000 people across
six continents. Revenues in 2019 were US$1.4bn. Coats' pioneering
history and innovative culture ensure the company continues leading
the way around the world. It provides complementary and value added
products, services and software solutions to the apparel and
footwear industries. It applies innovative techniques to develop
high technology Performance Materials threads, yarns and fabrics in
areas such as Transportation, Telecommunications and Energy, and
Personal Protection. Headquartered in the UK, Coats is a FTSE 250
company, a constituent of the FTSE4Good Index Series and a
participant in the UN Global Compact. To find out more about Coats
visit www.coats.com .
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END
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