1st Apr 2020 08:31
(Alliance News) - Industrial threads maker Coats Group PLC on Wednesday announced the future departure of finance boss Simon Boddie.
Boddie was appointed chief financial officer of Coats in the summer of 2016. He had formerly been group finance director at electronics distributor Electrocomponents PLC, having previously worked at drinks giant Diageo PLC.
He will be departing on March 31 next year, Coats said, to pursue non-executive opportunities. Coats will look for his successor in the meantime.
Chair Mike Clasper said: "The board would like to extend its thanks to Simon for the excellent contribution he has made to Coats. Amongst his many achievements, he has strengthened the finance function, successfully delivered a group refinancing package, helped support the Connecting for Growth global transformation programme and improved our outsourcing effectiveness.
"He has also guided the development of our M&A capability, resulting in a B2B focused business and a series of quality bolt-on acquisitions, all whilst maintaining a strong balance sheet. I look forward to us continuing to working together to prepare for a seamless transition to his successor."
Shares in Coats fell 5.8% on Wednesday in early trading in London to a price of 40.00 pence each.
On Friday last week, Coats warned organic sales could fall by about a third in 2020 due to Covid-19.
By George Collard; [email protected]
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