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IN BRIEF: Spirax names TI Fluid's Cobbold chair following Pike's exit

29th May 2024 10:01

Spirax-Sarco Engineering PLC - Cheltenham-based manufacturer of pumps and steam management systems - Jamie Pike will retire from the board on December 31, having served as chair since 2018. Pike will be replaced by Tim Cobbold, currently chair of TI Fluid Systems PLC, an Oxford-based fluid storage and delivery system company. Cobbold will become chair designate from September 1 and chair from January 1. Spirax says the appointment remains subject to Cobbold's election as a director at Spirax's annual general meeting in May 2025. Cobbold will continue as chair of TI Fluid Systems, but will step down from his role as a director of Rotork PLC on December 31.

Chief Executive Officer Nimesh Patel says: "Tim's broad business experience with global industrial companies, as well as his experience as CEO of three FTSE listed businesses with a strong track record of value creation through growth and operational delivery, will benefit the further development of Spirax Group."

Current stock price: 9,085.00 pence per share, up 0.3% in London on Wednesday morning

12-month change: down 18%

By Hugh Cameron, Alliance News reporter

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