8th Feb 2019 09:51
LONDON (Alliance News) - Smith & Nephew PLC on Friday said both Senior Independent Director Ian Barlow and Chair of the Ethics & Compliance Committee Michael Friedman will retire at the conclusion of its annual general meeting on April 11.
"Ian Barlow and Michael Friedman have served Smith & Nephew for many years, 15 collectively. We will miss their great wisdom and experience," said Chair Roberto Quarta.
Following the AGM, Robin Freestone will be appointed as senior independent non-executive director, in place of Barlow, while Marc Owen will succeed Friedman as chair of the Ethics & Compliance Committee.
Shares in the blue-chip medical technology company were trading 2.6% lower on Friday at 1,504.50 pence each.
Smith & Nephew on Thursday posted pretax profit for 2018 of USD781 million, 11% less than USD879 million in 2017.
The company undertook its Accelerating Performance & Execution restructuring programme, beginning at the end of 2017, which incurred USD120 million of costs in 2018. This compared to around USD60 million of benefit from the effort realised in the course of the year.
Revenue for the year was USD4.90 billion, up from USD4.77 billion the year before. This matched the company-compiled consensus of USD4.91 billion.
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