Meinie Oldersma and Nick Maddock, the CEO and CFO of Sheffield-headquartered building materials specialist SIG, have resigned with immediate effect.
According to Chairman Andrew Allner, the duo “led with great determination, energy and urgency in significantly reducing the cost base of the business, improving operating efficiency and completing the disposal of non-core businesses.”
He added: “They leave a much more focused business, a restructured balance sheet and a strong financial position, providing a sound platform for future growth.”
However, with the restructuring of the group largely completed, Allner said “it is time for a new leadership team”.
He said: “Management’s focus will be on developing the group’s purpose and vision, building on its leading market positions and returning the business back to profitable growth.”
Steve Francis has been appointed as CEO on an initial contract until 31 December 2020 and as a director of the company.
“Steve is a widely experienced CEO with a strong track record of returning businesses to growth and so the Board has appointed him to help deliver this goal and help build relationships with all stakeholders,” said Mr Allner.
Interim CFO, Kath Kearney-Croft, meanwhile, has been appointed as a director of the company.
She joined the company in January 2020 initially to provide support to the executive team during the leave of absence of Meinie Oldersma.
Prior to joining SIG, she was Group Finance Director of The Vitec Group for two years and served at Rexam for nine years in a number of senior financial leadership roles including Group Finance Director prior to Rexam being acquired by Ball Corporation.
Mr Allner will continue to provide increased levels of support to the new executive team to ensure a smooth transition of responsibilities.
Results for the year ended 31 December 2019 are anticipated to be in line with the guidance provided on 9 January 2020 of underlying profit before tax for the year of c.£42 million.