Scapa Group Plc - Directorate Changes
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Scapa Group plc
('Scapa' or 'the Company')
Scapa Group plc (AIM: SCPA) a diversified Healthcare and Industrial company focused on bringing best-in-class innovation, design and manufacturing solutions to its customers, announces the following organisational and Board changes.
John Petreanu has been appointed President of Healthcare. John succeeds Joe Doherty, who resigned from the Company as Executive Director and President of Healthcare, with effect from 4 May 2020, to pursue other business opportunities. John was most recently Vice President Operations at Viant Medical, a $1bn global services provider to the medical device industry. John was previously Chief Operating Officer for Scapa Healthcare, and has also held senior executive positions at Integer Holdings Corporation, Hospira, CareFusion (a subsidiary of BD), and Cardinal Health. Joe will work through an orderly transition with John over the next few weeks.
Heejae Chae, Group Chief Executive of Scapa, will also assume the role of President of Industrial, as of 4 May 2020. Heejae succeeds Sevan Demirdogen, who has resigned from the Company as Executive Director and President of Industrials, effective from 4 May 2020, to pursue other business opportunities. Sevan will assist in ensuring a smooth transition.
Heejae Chae has volunteered a temporary 20% reduction in basic salary during the current period of disruption resulting from Covid-19.
As a result of this reorganisation, the Board consists of two Executive Directors, three Non-Executive Directors and the Chairman.
On 27 March 2020, the Company reiterated guidance for the financial year ended 31 March 2020 and expects Group underlying trading profit to be in line with the trading update provided on 12 February 2020.
Heejae Chae, Group Chief Executive of Scapa, commented:
"On behalf of the Board, I would like to thank both Joe and Sevan for their contribution to the Group. We wish them all the best in their future endeavours . I look forward to working closely with John following his appointment as President of Healthcare. We believe we have the right vision and strategy in place to capitalize on the outlook and opportunities for Healthcare and Industrial."