15th Oct 2021 10:26
(Alliance News) - Polymer maker Victrex PLC on Friday announced that Chief Financial Officer Richard Armitage will step down with effect on May 27 next year to take up the same role at Morgan Advanced Materials PLC.
Morgan Advanced Materials is a Windsor, England-based industrial products manufacturer.
Armitage will join Morgan Advanced Materials with effect on May 30, 2022, after being in his role at Victrex for three years since 2018. Additionally, he has been a non-executive director of NWF Group PLC since July 2020 and chair of its audit committee since September 2020.
He will replace Peter Turner at Morgan Advanced Materials, who announced his retirement in May this year.
Victrex will commence its search process for a successor soon.
"I look forward to working with Richard, who brings great experience and will be a strong addition to our team," said Morgan Advanced Materials Chief Executive Pete Raby.
"He joins us at an important time as the impact of our strategy starts to show in our financial performance with faster growth and expanded margins and he will be instrumental in helping us to deliver."
Armitage is set to join Morgan Advanced Materials in a year of good organic growth. In May, the industrial products manufacturer increased guidance for its organic sales growth to between 5% and 8% for the full year. It expects operating margins will improve on the back of volume leverage and its restructuring programme.
Shares in Victrex were up 0.2% at 2,352.06 pence on Friday in London, while Morgan Advanced Materials shares were 1.6% higher at 342.50 pence.
By Josie O'Brien; [email protected]
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