25th May 2021 10:02
(Alliance News) - Smiths Group PLC on Monday said it has hired Paul Keel as its new chief executive, replacing Andy Reynolds Smith who will step down from his role and the board immediately.
The London-based engineering company said that the leadership change had been "mutually agreed". Reynolds Smith has been CEO of Smiths for six years.
Keel has previously worked at Saint Paul, Minnesota-based industrial products firm 3M Co, within the US and UK, where he led businesses including its Consumer Business Group.
Smiths Chair George Buckley said Peel "has a strong track record of delivering results in other innovation-led and diversified global industrial technology businesses.
"His international experience positions him well to build on the progress made during Andy's tenure and allows Smiths to deliver on its significant potential as it enters its next growth phase."
Smiths added that it remains committed to the separation of its Smiths Medical division, saying it is "actively engaging with all options to maximise value for all stakeholders and to provide the company with an enhanced platform for future growth."
Smiths says its full-year trading expectations remain unchanged since its interim results in March. At the time, it said it was confident of meeting market expectations for the year and that its restructuring programme was aimed at delivering operating margins of 18% to 20%.
Smiths shares were trading down 0.2% at 1,555.50 pence each in London on Tuesday morning.
By Scarlett Butler; [email protected]
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