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The Weir Group PLC
1 May 2013
Lord Smith to step down as Chairman of The Weir Group
The Weir Group PLC ("Weir") today announces that Lord Smith of Kelvin will step down as Chairman, and from the Board, with effect from 31 December 2013. Lord Smith has been in the role since 1 July 2002.
The Board is pleased to announce the appointment of Charles Berry as Deputy Chairman, with immediate effect. Charles Berry will take over as Chairman from 1 January 2014. Mr Berry joined the Weir Board on 1 March 2013.
Lord Smith of Kelvin said, "It has been a privilege to serve as Chairman during such a momentous and exciting time for the company. The business has been transformed under the leadership of two outstanding Chief Executives, Mark Selway and Keith Cochrane. Weir today is a focused and high-performing Group, with an enviable track record of growth and a clear sense of its future direction.
The Board, which was led in the process of choosing my successor by Senior Independent Director Lord Robertson, unanimously views Charles Berry as the best choice for Chairman. Charles has decades of international business experience and a strong understanding of Weir's end markets. He also has Weir in his blood; his father worked for the business for much of his career. Charles will be a great addition to the experienced team, leading the future growth of the Group. We are delighted to welcome Charles in his new role and look forward to continuing to work closely with him."
Paying tribute to Lord Smith, Keith Cochrane, Chief Executive, said, "Lord Smith has contributed enormously to the growth of Weir during his time and has provided me with valuable guidance and constructive challenge. The degree of positive change achieved across our business in the last decade could only have been possible with the support of the Board under Lord Smith's leadership."
Charles Berry said, "I look forward to taking on the roles of Deputy Chairman and then Chairman, supporting Keith and the executive management team as they continue to successfully grow this impressive business. Lord Smith has been an outstanding Chairman of Weir and the opportunity to work alongside him for the remainder of his tenure will be invaluable."
|Contact details: The Weir Group PLC|
|Andrew Neilson, Head of Group Corporate Affairs & Strategy||Tel: + 44 141 308 3750|
|Jonathan Milne, Group Communications||Tel: + 44 141 308 3781/ + 44 7713 789536|
|Brunswick Group||Tel: + 44 207 404 5959|
|Patrick Handley/Will Carnwath|
About The Weir Group PLC
Weir, a FTSE 100 company founded in 1871 and headquartered in Glasgow, Scotland, is a global provider of engineering solutions to the minerals, oil and gas and power sectors. Our commitment to engineering excellence, research and customer focus extends equipment wear life and operational capability in some of the world's most challenging environments.
Weir is committed to going where our customers go, with a worldwide network of around 200 manufacturing facilities and service centres. The business has a presence in more than 70 countries, with over 14,000 staff around the world working in three divisions; Minerals, Oil & Gas and Power & Industrial. Weir's customer base includes the world's largest mining houses, major oil services businesses and nuclear and conventional power generation companies.
Annual revenues were more than £2.5 billion in 2012, of which more than half came from the provision of services and aftermarket support. Emerging markets contributed around forty percent of overall Group revenues.
See www.weir.co.uk for further information.
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