25th Mar 2019 08:35
LONDON (Alliance News) - ConvaTec Group PLC on Monday said long-time Genus PLC Chief Executive Karim Bitar will join ConvaTec in the same role.
Shares in ConvaTec were up 3.0% at 138.30 pence each in morning trade, the fourth best performer in the FTSE 250 Index. Genus shares were down 3.9% at 2,270.00p each, the third worst performer in the mid-cap measure.
Bitar, who has been chief executive of agricultural biotechnology company Genus since 2011, will join the medical products company from September 30. He will succeed Rick Anderson, who became the company's interim head following the departure of Paul Moraviec in October 2018 following a profit warning.
ConvaTec Chair Christopher Gent said: "The board and I are very confident that Karim is the right person to lead ConvaTec through the next stage of the company's development."
The wound dressings maker also said that Gent will step down and will not seek re-election as director at the company's annual general meeting on May 9. Anderson will temporarily serve as executive chair until a new chair has been appointed.
Steve Holliday, deputy chair and senior independent director, also has resigned from the company with effect from March 31 and has been replaced by Non-Executive Director Margaret Ewing as senior independent director.
"Following the announcement of Karim Bitar's appointment as chief executive officer, both Steve and I have concluded that this is the right time to step down from the Board of ConvaTec," Gent said.
Separately, Genus said Bitar will leave the company on September 16, and the company has commenced a search to identify his successor.
"He has led the company's transformation and is leaving the company in excellent shape with a world-class leadership team, world-class genetics and innovative technology platforms to enable us to pursue many exciting global opportunities," said Genus Chair Bob Lawson.
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