SIG Appoints New CEO

SIG plc, a leading supplier of specialist building materials to trade customers across Europe, with strong positions in its core markets as a specialist distributor of insulation and interior products and a merchant of roofing and exteriors products, announces the appointment of Steve Francis as Chief Executive Officer. 

This permanent appointment results from a search process that commenced in December 2019 and follows the announcement on 25 February 2020 that Steve would be CEO on an initial contract until 31 December 2020. This search process, led by the Chairman, assessed both external and internal candidates and concluded that Steve was the outstanding candidate for the role of CEO. 

Andrew Allner, Chairman, commented:

"The Board is pleased to announce that Steve Francis has been appointed permanent CEO. Steve has demonstrated strong leadership in the most testing circumstances since his original appointment. His ability to navigate the effects of the COVID-19 environment, at the same time as getting the leadership team focused on the strategic priorities to ensure the future success of SIG, has been exceptional." 

Steve Francis, Chief Executive Officer, commented:

"I am delighted to have been appointed to lead SIG.  We are using the current period to develop a revised strategy and organisational model and I look forward to sharing the details of this revised strategy with the announcement of our results for the year ended 31 December 2019."

Steve Francis was appointed to the SIG Plc Board as Chief Executive Officer on 25 February 2020 until 31 December 2020. 

Steve's remuneration package will consist of a basic salary and variable incentive arrangements which are in line with SIG's current remuneration policy and practice. The key changes to his current arrangements are a base salary of £540,000, the ability to earn a maximum bonus of 150% of basic salary and eligibility to participate in the Long-Term Incentive Plan. 

In recognition of the current crisis, and as already announced, Steve has taken a voluntary reduction in salary of 50%. This reduction will continue until the Company resumes normal operations. 

Steve Francis - Abridged Biography

Source : SIG

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