24th Mar 2006 07:01
Compass Group PLC24 March 2006 Compass Group PLC Appoints New Chief Executive Compass Group plc today announces that Richard Cousins is to succeed MichaelBailey as Executive Director of the company and its new Chief Executive. He willjoin the Board on 2nd May and become Chief Executive Officer on 1st June 2006. Mr. Cousins has been, until recently, the Chief Executive Officer of BPB plcprior to its takeover by St. Gobain. Previously, he was president of Westroc,BPB's Canadian operation and has worked with the group since 1990 in a number ofdifferent roles. Sir Roy Gardner, Senior Independent Non-Executive Director and Chairmandesignate of Compass said "The Board is very pleased to have appointed Richard,who will bring to the organisation a valuable combination of senior operationalmanagement of a global enterprise, business transformation skills and a provenrecord of creating shareholder value." Mr Cousins said "I am delighted to be appointed Chief Executive of such a strongbusiness and look forward to working with the Board and the management team toimprove the performance of the business, further clarify the strategy anddeliver value to shareholders". Sir Roy also paid tribute to Michael Bailey and thanked him for his efforts overthe last 13 years. "Michael has been generous with his time and effort,particularly when the business was passing through difficult and uncharteredwaters during the last 18 months. On behalf of the Board, I would like to thankhim for his dedication during this challenging period". Enquiries: Compass Group PLC Investors/Analysts: Andy Martin +44 (0)1932 573 000Media: Paul Kelly +44 (0)1932 573 000 Notes to Editors Richard is 46 years old, is married with two children and lives in the UK. Hewas educated at the University of Sheffield where he graduated with a BSc inMathematics. He read his Masters degree at Lancaster University in OperationalResearch prior to beginning his working career in operational research withCadbury Schweppes plc. From here he moved to BTR plc where he spent the next 6years working in supply chain management and corporate planning. In 1990 he joined the BPB Group where he worked in Corporate Planning andBusiness Development becoming Group Financial Controller in 1992. In 1995 hebroadened his experience by becoming General Manager and subsequently ManagingDirector of some of the Group's packaging activities. In 1998 he moved to Canadaand ultimately became Chief Executive of BPB plc in 2000. From 2000 to 2005 Richard developed the group's strategy particularly in the USwhere two major acquisitions gave the company a strong number 3 position in theplasterboard market. Acquisitions were also made in western and eastern Europe,Egypt, Mexico and India. In parallel, Richard focused on a number of restructuring programmes in Europeand North America leading to cost reductions of some £100m. Richard left the business after it was sold to St. Gobain in December 2005. Richard's salary at Compass will be £750,000 p.a. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Compass Group