Smiths Group plc Appointment of CEO
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Smiths Group plc ("Smiths" or "the Group") announces that, after an extensive search process by the Nomination Committee of the Board, Paul Keel has been appointed as the Group's Chief Executive Officer and to the Board. He will take on his new responsibilities with immediate effect.
The Board also announces that Andy Reynolds Smith will step down from his position as Chief Executive Officer and from the Board with immediate effect. Andy will continue to be available up until the end of the fiscal year to ensure a smooth handover. The change has been mutually agreed as the right time to provide new leadership as Smiths enters into its next growth phase.
Paul Keel previously worked at 3M Company ("3M") between 2004 and 2020, within the US and UK. During this period, he led a number of global businesses including the $5 billion revenue Consumer Business Group, as well as several enterprise-wide functions including Strategy & Business Development, Marketing & Sales, as well as Manufacturing & Supply Chain. Paul's other experiences include senior roles at General Electric, McKinsey & Company and General Mills. He is a graduate of Carleton College and Harvard Business School. Paul will be relocating to the UK.
The Board remains committed to the separation of Smiths Medical. It is actively engaging with all options to maximise value for all stakeholders and to provide the company with an enhanced platform for future growth.
There is no change to the comments on current trading at Smiths' interim results announcement in March and our expectations for the full year remain unchanged.
Sir George Buckley, Chairman of Smiths Group , said: "On behalf of the Board, I would like to thank Andy for his leadership and contribution to the Group, its employees, customers and stakeholders for almost six years. The Board wishes Andy well and continued success in the future.
I am also delighted to welcome Paul to Smiths. He has a strong track record of delivering results in other innovation-led and diversified global industrial technology businesses. His international experience positions him well to build on the progress made during Andy's tenure and allows Smiths to deliver on its significant potential as it enters its next growth phase."
Paul Keel, Chief Executive Officer of Smiths Group , said: "It is a great honour to lead Smiths at this exciting time in its 170-year history. Smiths' global reach, deep engineering capabilities and proven business model position it well for continued success. I look forward to moving back to the UK, and I am delighted to join Smiths' valued employees around the world in shaping its very exciting future."