SIG PLC has appointed Steve Francis as permanent Chief Executive Officer.
The appointment results from a search process starting 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 external and internal candidates and concluded that Steve was the outstanding candidate for the role of CEO.
SIG plc supplies specialist building materials to trade customers across Europe, including insulation and interior products and SIG Roofing as a merchant of roofing and exteriors products.
Andrew Allner, Chairman, said, “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.”
Before joining SIG in 2019 Steve Francis was CEO at Patisserie Holdings PLC. His career has included several other senior roles as CEO and CFO also in the food production industry where he has established a reputation for implementing rapid operational performance improvements and turnarounds of multi-site, international businesses.
Steve’s remuneration package will consist of 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 Steve has taken a voluntary reduction in salary of 50%. This reduction will continue until SIG resumes normal operations.
Steve Francis, Chief Executive Officer, said, “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.”