Victrex CEO Hummel to retire next year

Victrex has announced that David Hummel plans to retire as chief executive at the end of March 2018 after 24 years at the company.

Jakob Sigurdsson, the former chief executive of global polymer manufacturer Promens, who has more than 20 years' experience in diverse multinational companies, will join the company on 1 September as chief executive-designate, following an extensive search process.

Hummel will step down as CEO on 30 September 2017, but will remain on the board as an executive director, reporting to the chairman until the annual general meeting in February next year.

Sigurdsson – whose roles have spanned marketing, supply chain, business development, strategy and M&A - will succeed Hummel as chief executive and join the board on 1 October 2017.

Victrex chairman Larry Pentz said: "I am delighted that Jakob will be joining us as our new chief executive. He was the standout candidate for the role and has proven experience in delivering focused growth strategies, particularly for new and emerging markets, or new technologies.

"As we communicated at our recent Capital Markets Day, our Polymer & Parts strategy provides a strong platform for growth and the focus is all about execution. Consequently, with Jakob's track record of making markets and delivering growth, as well as his diverse experience in both private and listed companies, the board believes this appointment is a strong fit with Victrex and will serve us well."

At 0843 BST, the shares were down 0.8% to 1,890p.