SIG poaches Marshalls' Allner to be new chairman
SIG, the recovering insulation and roofing materials supplier, has appointed Andrew Allner as its new chairman, leading Marshalls, where he currently occupies the same role, to begin searching for a successor.
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Current SIG chair Leslie Van de Walle announced in March that he to step down once a successor had been identified and will now hand over his boardroom seat at the end of October, following seven years at the FTSE 250 group.
Van de Walle said Allner "brings with him a wealth of both listed company and building products sector experience to lead the board through the next stage of the company's development and I know that I am leaving SIG in very good hands".
Allner, an accountant who is also chairman of the Go-Ahead Group and Fox Marble, highlighted SIG's "long history, loyal employees, leading market positions, and significant potential".
He will be working with chief executive in Meinie Oldersma, who joined the company in April, bringing wide experience of company transformations of complexity and scale.
One of Oldersma's first acts was to commission a comprehensive review of the group's strategy, use of capital and cost base, which initially confirmed the business "has real opportunity to improve profits and returns over the medium term, but also highlights the execution challenges in delivering these upsides".
After August's interim results showed an 8.6% rise in revenue but a 20% fall in underlying operating profit at constant exchange rates.
Oldersma, who promised a progress report in Q4 this year, said the key risk to the outlook was the “challenging environment” created by macro uncertainty in the UK, although that may partly be mitigated by continuing improvement in confidence in mainland European markets.
In its own announcement to the stock market on Wednesday, Marshalls said that in line with its succession plans, a search would now begin for a successor.
"Andrew will step down as chairman and retire from the Marshalls plc board once a new chairman has been appointed."