The Board of Molins is pleased to announce the forthcoming appointment of Antony (Tony) Steels as Chief Executive and a director. The appointment takes effect from 6 June 2016, with Dick Hunter stepping down from the Board on that date to pursue new interests after eight years as Chief Executive. Dick’s employment notice period of six months commences from today’s date and he will work with Tony for a period to facilitate an orderly transition.
In addition, the Board is pleased to announce the appointment of Andrew Kitchingman as a non-executive director with immediate effect. These changes follow a review of Board composition and structure.
Tony Steels has extensive experience in engineering, both in the UK and internationally, and a proven track record in business development. He joins Molins from Cytec, part of Solvay SA, the chemicals and advanced materials company listed on the Brussels and Paris stock exchanges. At Cytec, Tony was Global Business Director of its Process Materials Division, which he led for six years. During this time he was responsible for the Division’s operations in USA, UK, France and Italy and initiated its expansion into China. He was Head of Asia for four years from 2006 at GF AgieCharmilles, the precision machinery supplier and part of Georg Fischer AG. Based in both the UK and China, he doubled production unit output and grew sales across the Asia region. From 2000 he was Managing Director of AgieCharmilles UK Ltd, where he led the successful turnaround of the business, driving a restructuring and growth programme. A large part of his earlier career was at GEC Alsthom, the heavy engineering business.
Andrew Kitchingman is a Fellow of the Institute of Chartered Accountants in England and Wales and enjoyed a long career in corporate finance working for both consultancy firms and stockbrokers, including KPMG, Hill Samuel, Albert E Sharp, Brewin Dolphin and WH Ireland, across a wide range of business sectors, both public and private. Andrew will serve on Molins’ Remuneration, Nomination and Audit Committees and will chair the Audit Committee.
Phil Moorhouse, Chairman, said:
“I am delighted to announce the appointment of Tony Steels as Chief Executive. He has extensive experience in engineering and management in both international and UK businesses and a proven track record of value creation. We look forward to working with him as we seek to develop the Group. I am also pleased to welcome Andrew Kitchingman to the Board as a non-executive director. His appointment strengthens the non-executive team.
The Board would also like to place on record its appreciation of the considerable contribution Dick has made to the Group, both as Chief Executive since 2008 and prior to that as a divisional managing director. We wish him well in his future ventures.”
For further information, please contact:
Phil Moorhouse, Chairman
Dick Hunter, Chief Executive
David Cowen, Group Finance Director
Tel: +44 (0) 1908 246870
Panmure Gordon (UK) Limited (NOMAD)
Andrew Potts, Peter Steel – Corporate Finance
Tom Salvesen – Corporate Broking
Tel: +44 (0) 20 7886 2500
Katie Tzouliadis, Viktoria Langley, Emma Pearson
Tel: +44 (0) 20 3178 6378
Additional Information: disclosures required pursuant to Rule 17 and Schedule 2(g) of the AIM Rules for Companies (“AIM Rules”)
Tony Steels, aged 51 years, was previously a director of the following companies within the last five years:
Umeco Composites Limited
Cytec Process Materials (Keighley) Limited
Vacform Design Limited
Med-Lab International Limited
Med-Lab O.M. Limited
Cytec Process Materials (CA) Inc
Shanghai Umeco Composites Limited
Cytec Process Materials Mondovi S.r.l
Cytec Process Materials Milan S.r.l
Andrew James Kitchingman, aged 51 years, is currently a director of the following companies:
The Cathedral Choir School Ripon Limited
Incommunities Group Limited
Save as set out in this announcement, there are no further matters to be disclosed under Rule 17 or paragraph (g) of Schedule 2 of the AIM Rules for Companies in respect of either of the two appointments.