6th Jun 2005 07:01
Elementis PLC06 June 2005 PRESS INFORMATION Elementis plc Changes to the Board of Directors Monday, 6th June 2005: Elementis plc (LSE:ELM), (or 'the company'), a globalspecialty chemicals company, announced today that following discussions withHanover Investors, a turn-around investment specialist and 15.2 per centshareholder of Elementis, and consultation with leading institutionalshareholders, the following appointments to the board of directors have beenmade with immediate effect: • Edward Bramson, a Hanover Investors principal, is appointed non-executive chairman; • Matthew Peacock, a Hanover Investors principal, is appointed non-executive director; • Ian Brindle, former UK chairman of PricewaterhouseCoopers and deputy chairman of the Financial Reporting Review Panel, is appointed a non-executive director; and • Ken Minton, previously chief executive of Laporte PLC and currently a non-executive director of Solvay SA and Tomkins PLC, is appointed as non-executive director. Keith Hopkins, the current chairman, has resigned from Elementis and EdwardWilson, senior non-executive director, has also resigned from the Board ofDirectors with immediate effect. Following these changes the board will comprisethe new appointees listed above, Geoff Gaywood - chief executive, BrianTaylorson - finance director, and non-executive directors Kevin Matthews andChris Girling. Also, as previously announced at the company's AGM, Philip Brown,executive director and company secretary will be retiring as of June 30, 2005.This Board structure enjoys the support of leading institutional shareholders ofthe Company. Chief executive of Elementis plc, Geoff Gaywood said, "Keith Hopkins and EdwardWilson leave the company in excellent shape, and we would like to thank them fortheir substantial contribution. In addition we welcome our new non-executivedirectors to the Board. As stated at the Company's Annual General Meeting onApril 28, Elementis has made progress in line with expectations, and we lookforward to continuing the successful transformation of this company." Edward Bramson, the incoming chairman of Elementis added, "The restoration ofshareholder value and profitable growth of Elementis will be at the forefront ofthe board's planning. I look forward to working with the management team andserving as the company's chairman." - Ends - Notes to Editors: About ElementisElementis plc is a global specialty chemicals company comprising four separatebusinesses Elementis Chromium, Elementis Specialties, Elementis Pigments andElementis Specialty Rubber. About Hanover InvestorsHanover Investors, a specialist turnaround investment firm, provides equitycapital from its own funds and from institutional investors to fund change inoperating businesses. Its approach to investing is distinctive because each ofits principals has, in addition to financial expertise, in depth practicalexperience of operating management. Hanover is based in London with offices in New York and principally invests inEuropean and U.S. based businesses. Hanover was most recently responsible forleading the turnaround of 4imprint Group PLC, a promotional products firm basedin the UK with a significant US presence. Hanover acquired 27 per cent of4imprint and joined its board in October 2003. Following a change of strategicdirection there was a rapid return to profitability and distribution of cash toshareholders. This led to a seven fold share price rise in eighteen months, atwhich time Matthew Peacock and Edward Bramson left the board in early 2005. Further Enquiries: Elementis Tel +44 (0) 1784 227000Geoff Gaywood - Chief ExecutiveBrian Taylorson - Finance DirectorHilary Reid Evans - Head of Corporate Communications Financial Dynamics Tel +44 (0) 20 7831 3113Deborah Scott/Greg Quine Hanover Investors Limited Tel +44 (0) 20 7766 8400Matthew Peacock - PrincipalEdward Bramson - Principal Tulchan Tel + 44 (0) 20 7353 4200Andrew Grant/Peter Hewer This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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