Chair succession and other board changes

Synthomer plc
Chair succession and other board changes

Synthomer plc ('Synthomer' or the 'Group') today announces several updates relating to the composition of its board, as part of its succession plans.

Chair succession

The Group announces the appointment of Peter Hill CBE as an independent non-executive director and chair designate with effect from 1 September 2024. Following an induction and handover period, Caroline Johnstone will stand down from the board, with Peter succeeding her as chair, on 1 January 2025.

Peter brings to Synthomer strong public company governance and international manufacturing experience in a range of industries. Peter has served as non-executive chair of Keller Group plc since 2016, a role from which he will step down during the first half of 2025, having served approximately nine years. Previously Peter was non-executive chair of Petra Diamonds Limited (2020-2023), Volution Group plc (2014-2020), Imagination Technologies plc (February 2017 until its sale in September 2017) and the speciality chemicals company Alent plc (2012-2015). He is currently non-executive chair of The Nuclear Decommissioning Authority, a UK Government arm's length body sponsored by the Department for Energy Security and Net Zero.

Peter has also served as a non-executive director on the boards of Cookson Group plc, Meggitt plc, Essentra plc and Oxford Instruments plc, and in similar roles for UK Trade and Investment and the Royal Air Force. He was chief executive officer of Laird plc from 2002 to late 2011, transforming it from an industrial conglomerate into a focused electronics and technology company. He previously held senior management roles at BTR plc and Invensys plc, and was an executive director on the board of Costain Group plc. Peter's early career was spent with natural resources companies Anglo American, Rio Tinto and BP Minerals. He holds a BSc in engineering, an MBA from the London Business School and is a chartered engineer.

Peter's appointment followed a Code-compliant, rigorous and independent process led by Ian Tyler in his capacity as Synthomer's senior independent non-executive director.

Other board changes

The Honourable Alexander Catto has advised the board of his intention to step down as a director by the Group's next Annual General Meeting (AGM) in May 2025. As a non-independent, non-executive director of the Group, he has served as representative of its founding family and significant shareholders since 1981. More recently, he has served as the designated non-executive director leading workforce engagement.

The Group announces the appointment of Uwe Halder to the board with effect from 1 September 2024. Uwe is chief executive officer of KLK OLEO Europe, part of the global oleochemical and manufacturing division of Kuala Lumpur Kepong Berhad (KLK), which is Synthomer's largest shareholder (with 27% of the issued share capital). Uwe's entire career has been in the global chemicals industry. He has worked in the USA at BASF and as president of DyStar USA, and in Europe at CHT/BEZEMA and Archroma before joining a business acquired by KLK OLEO. As a nominee of KLK, Uwe will be a non-independent, non-executive director upon appointment.

The changes announced today reflect the board's long-term succession planning agenda which will continue to evolve to reflect the Group's strategy, skills and experience needs and compliance with Corporate Governance Code principles.

Commenting, Synthomer Chair Caroline Johnstone said:

"I am delighted that the board has chosen Peter Hill to succeed me, following my nine years on the Synthomer board as a non-executive director and then chair. Peter is an internationally respected leader with extensive experience in strategy execution, governance and corporate stewardship and has a proven track record chairing ambitious multinational companies. I also look forward to welcoming Uwe Halder as a board member; his extensive experience in global chemicals markets will be of significant benefit to the company.

"I would also like to thank the Honourable Alexander Catto for his years of tireless service to Synthomer. As a member of the Group's founding family, Alex has provided a deep knowledge of the company's history and a unique long-term shareholder perspective, alongside insights from his career in investment banking. His wise counsel will be missed by all at Synthomer, and we wish him well for the future."

Peter Hill said:

"I look forward to leading the Synthomer board at such an important stage of the company's evolution. Having emerged from a period of exceptional challenges in its industry, I believe that Synthomer has the strategy, people, market positions and financial strength to create substantial value for shareholders and other stakeholders in the years ahead."

Further information:

Notes

There are no further matters to be disclosed under LR9.6.13R of the Listing Rules of the UK Listing Authority.

Legal Entity Identifier (LEI): 213800EHT3TI1KPQQJ56. Classification as per DTR 6 Annex 1R: 3.1.

Synthomer plc is a leading supplier of high-performance, highly specialised polymers and ingredients that play vital roles in key sectors such as coatings, construction, adhesives, and health and protection - growing markets that serve billions of end users worldwide. Headquartered in London, UK and listed there since 1971, we employ c.4,200 employees across our 4 innovation centres of excellence and more than 30 manufacturing sites across Europe, North America and Asia. With more than 6,000 blue-chip customers and £2.0bn in continuing revenue in 2023, our business is built around three divisions, serving customers in attractive end markets where demand is driven by global megatrends including urbanisation, demographic change, climate change and sustainability, and shifting economic power. In Coatings & Construction Solutions, our specialist polymers enhance the sustainability and performance of a wide range of coatings and construction products. We serve customers in applications including architectural and masonry coatings, mortar modification, waterproofing and flooring, fibre bonding, and energy solutions. In Adhesive Solutions our products help our customers bond, modify and compatibilise surfaces and components for applications including tapes and labels, packaging, hygiene, tyres and plastic modification, improving permeability, strength, elasticity, damping, dispersion and grip. In Health & Protection and Performance Materials we are a world-leading supplier of water-based polymers for medical gloves, and a major European manufacturer of high-performance binders, foams and other products serving customers in a range of end markets. Our purpose is creating innovative and sustainable solutions for the benefit of customers and society. Around 20% of our sales volumes are from new and patent protected products. At our innovation centres of excellence in the UK, Germany, Malaysia and Ohio, USA we collaborate closely with our customers to develop new products and enhance existing ones tailored to their needs, with an increasing range of sustainability benefits. Our 2030 decarbonisation targets have been approved by the Science Based Targets initiative as being in line with what the latest climate science says is necessary to meet the goals of the Paris Agreement, and since 2021 we have held the London Stock Exchange Green Economy Mark, which recognises green technology businesses making a significant contribution to a more sustainable, low-carbon economy. Find us at www.synthomer.com or search for Synthomer on LinkedIn.