Elementis PLC said on Monday that Chief Executive Officer Paul Waterman will step down from his role ‘no later than’ the company’s annual general meeting in April.
Waterman, who has led the London-based speciality chemicals and personal care business for nine years, will remain in his position until a successor is appointed.
The board has initiated its search for a new CEO, who will be tasked with steering Elementis toward achieving its 2026 targets. These include delivering $90 million in above-market revenue growth, exceeding a 19% adjusted operating profit margin, achieving a three-year average operating cash conversion rate above 90%, and surpassing a 20% return on capital employed.
Departing CEO Waterman said: ‘The company is now well positioned for future success as a result of our focused strategy implementation and the commitment of a very talented Elementis team. I am confident that performance will further improve through 2025 and 2026, making now an appropriate time for a leadership transition.’
Chair John O’Higgins said: ‘On behalf of the board, I should like to thank Paul for his long tenure of leadership of Elementis and we wish him the very best for the future. He will be leaving the company in a strong strategic and financial position and with many exciting opportunities ahead.’
Shares in Elementis were up 1.0% at 136.40 pence in London on Monday morning.
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