Zotefoams plc
('Zotefoams', the 'Company' or 'Group')
Group CEO succession
26 March 2024 - Further to its announcement of 7 November 2023, Zotefoams (LSE: ZTF), a world leader in cellular materials technology, announces the appointment of Ronan Cox as Group CEO Designate. Ronan will join the Company on 2 April 2024 and will be appointed to the Board as an Executive Director and succeed David Stirling as Group CEO at the conclusion of the 2024 AGM, due to be held on 22 May 2024. Following his stepping down from the Board, David will remain to ensure a smooth transition until 31 October 2024.
Ronan has extensive international leadership experience, most recently as President of Performance Materials at Coats Group plc, the FTSE 250 world's leading industrial thread and footwear components manufacturer.
Commenting on the changes, Dr Lynn Drummond, Chair of the Company, said: "Under David's outstanding leadership, and following significant investment over the last decade, the Group has extended from a single site in the UK to include operations in Europe, North America and Asia. This footprint, together with Zotefoams' operational and commercial teams, provide both the capacity and capability to support continued profitable growth from the Group's core AZOTE® Polyolefin Foams and HPP foams businesses. The Group continues to progress the development and commercialisation of its unique recyclable barrier packaging technology, ReZorce® Circular Packaging.
With a strong and dedicated leadership team in place to support him, I am delighted to welcome Ronan to Zotefoams. Ronan brings a wealth of experience and I am confident he will make a significant contribution to the Group. I very much look forward to working with him."
David Stirling, Group CEO, said: "Leading Zotefoams for the past 24 years has been the greatest privilege of my professional life. I am proud of the role that my team has played in the Group's success and know that they will fully support Ronan in his transition to the role."
Ronan Cox, Group CEO Designate, commented: "Zotefoams is a business with a long history of sustainability and growth. I am honoured and excited to have the opportunity to lead a company with a strong heritage and build on David's significant achievements."
Ronan Cox Biographical Notes
Ronan is an accomplished executive leader with extensive experience in driving business transformation and growth. Most recently, he served as interim CEO for Lontra, a green technology company delivering ground-breaking air compressor designs, and President, Performance Materials for Coats Group plc, a world leader in thread and component manufacturing for apparel and footwear and textile based performance materials for industries ranging from personal protection to automotive and telecoms. Ronan also built and led the innovation teams across the Coats group with a focus on the transition to sustainable and circular product solutions. Ronan held a number of other executive roles in Coats, which he joined in 1995, including Chief Transformation Officer, Regional CEO EMEA & Americas, Regional CEO South East Asia and Managing Director in several regions, including Europe and North Africa. Ronan has a Bachelor's degree in Information Management and Economics from Queen's University, Belfast and has completed an international Executive Business Programme with INSEAD in France and Singapore.
This announcement includes the information required by Listing Rules 9.6.11 to 9.6.13, and there is no information to report under Listing Rule 9.6.13R (2) - (6) inclusive.
Enquiries:
| Zotefoams plc | +44 (0) 208 664 1600 |
| David Stirling, Group CEO | |
| Gary McGrath, Group CFO | |
| | |
| IFC Advisory | +44 (0) 203 934 6630 |
| Graham Herring Tim Metcalfe Zach Cohen | |
About Zotefoams plc
Zotefoams plc (LSE - ZTF) is a world leader in cellular materials technology delivering optimal material solutions for the benefit of society. Utilising a variety of unique manufacturing processes, including environmentally friendly nitrogen expansion for lightweight AZOTE® polyolefin and ZOTEK® high-performance foams, Zotefoams sells to diverse markets worldwide. Zotefoams uses its own cellular materials to manufacture T-FIT® advanced insulation for demanding industrial markets. Zotefoams also owns and licenses patented microcellular foam technology to reduce plastic use in extrusion applications and for ReZorce® mono-material recyclable barrier packaging.
Zotefoams is headquartered in Croydon, UK, with additional manufacturing sites in Kentucky, USA, Brzeg, Poland (foam manufacture), Oklahoma, USA (foam products manufacture and conversion), Massachusetts, USA, Stilling, Denmark (microcellular foam technology) and Jiangsu Province, China (T-FIT).
AZOTE®, ZOTEK®, ReZorce® and T-FIT® are registered trademarks of Zotefoams plc.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
