2nd Apr 2020 08:35
(Alliance News) - Spirax-Sarco Engineering PLC on Thursday said it has appointed the current chief financial officer at De Beers Group to its board as its own CFO.
Nimesh Patel will join the board of Spirax-Sarco, which manufactures valves and pumps, before July end and will succeed current CFO Kevin Boyd after the completion of the company's interim financial reporting process.
At present, Patel is CFO at De Beers, which is majority owned by Anglo American PLC. He previously was group head of corporate finance at Anglo American.
Spirax-Sarco announced Boyd's upcoming departure back on March 11, along with a warning on its 2020 performance amid unfavourable currency exchange rates and the coronavirus spread.
"Further details regarding the completion date of their handover, Kevin's retirement date and Nimesh's compensation will be provided when Nimesh joins the group," Spirax-Sarco said.
Shares in Spirax-Sarco were down 1.1% at 7,754.00 pence in London on Thursday,
By Anna Farley; [email protected]
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