CEO of Sheffield-based SIG Meinie Oldersma to step down
The UK-listed company has named Steve Francis as CEO until the end of the year, while Kath Kearney-Croft has been appointed as interim chief financial officer.
Chairman Andrew Allner said: “The board is most appreciative of Meinie and Nick’s contribution to the transformation of SIG.
“They have led with great determination, energy and urgency in significantly reducing the cost base of the business, improving operating efficiency and completing the disposal of non-core businesses.
“They leave a much more focused business, a restructured balance sheet and a strong financial position, providing a sound platform for future growth.
“Now that this essential restructuring of the group has largely been completed, the board believes that it is time for a new leadership team, with skills in driving rapid operational performance improvements through strong customer relationships, excellence in customer service and creating highly engaged teams.
“Management’s focus will be on developing the group’s purpose and vision, building on its leading market positions and returning the business back to profitable growth.
“Steve is a widely experienced CEO with a strong track record of returning businesses to growth and so the board has appointed him to help deliver this goal and help build relationships with all stakeholders.”
The firm’s sales rates deteriorated towards the end of last year.
Demand in the UK and Germany took a beating from political uncertainty and fears of a recession respectively, prompting SIG to focus on streamlining operations, switching to higher margin sales, and cutting down costs and debt.
SIG, which previously issued a profit warning in October, said its sales rate in December was about a quarter lower than the previous month.