Peter Shepherd, who still holds 3.3 million shares in the company, despite selling off over 130,000 shares in October, for a reputed GBP400k, has announced his intention to retire close to his 60th birthday which falls in July 2016 .
The company has recruited Martin Payne to succeed Shepherd on a date yet to be confirmed. Payne has served as group finance director at Norcros, a leading supplier of branded showers, taps, bathroom accessories, tiles and adhesives, since March 2011. He is a Fellow of the Chartered Institute of Management Accountants and his previous experience includes holding senior financial positions at JCB, the construction equipment manufacturer, and at IMI plc, the British-based engineering company. Prior to this, Martin spent six years as Finance Director at H&R Johnson Tiles Ltd.
Polypipe chief executive David Hall, said: “I would like to thank Peter for his support and significant contribution to Polypipe. He has been instrumental in the business’ tremendous progress over the last decade and in the successful transition to public listing. We wish him well in his retirement which is thoroughly deserved.
“I am very pleased to welcome Martin onto our board. His enthusiasm, financial and operational skills together with his experience of working in public listed companies will be a great asset. We look forward to working with him as Polypipe continues to develop.”