Engineering firm chief executive to step down

The chief executive of engineering giant Spirax-Sarco Engineering is to step down after ten years in the role.

Nicholas Anderson, group chief executive, has informed the board his desire and intention to retire in early 2024.

The Group is headquartered in Cheltenham  and has 40 strategically located manufacturing plants around the world and employs more than 10,000 people, including more than 2,100 direct sales and service engineers.

Board chair Jamie Pike said:  “The board acknowledges with gratitude Nick’s significant contribution to the group’s growth and prosperity.

“Nick has led the Group with distinction and meaningfully improved on the group’s long record of consistent and quality growth.

“Under Nick’s leadership, group sales and profits grew by a multiple of over 2.5, the number of our colleagues has doubled and the market capitalisation has nearly quadrupled, firmly establishing our group as a constituent of the FTSE100 Index.”

More than half of this growth was organic, with the balance coming from successful acquisitions that strengthened and enhanced the Steam Specialties and Watson-Marlow Businesses, as well as the Electric Thermal Solutions (ETS) Business.

Jamie Pike added: “Nick also leaves our group with firmly embedded Sustainability strategies, Inclusion and Equity programmes, as well as successful leadership and talent development programmes that contributed to the selection of a strong internal successor.  We wish Nick every success in his future Non-Executive career.”

Nimesh Patel has been appointed group chief executive and will take up the position next January.

Nimesh joined the Group in 2020 as chief financial officer and his appointment follows a rigorous succession process.

Jamie Pike, said: “Nimesh’s appointment marks the completion of the board’s long-term planning for Nick’s succession.

“During his three-year tenure as chief financial officer and a member of the board, Nimesh has played a significant role in shaping our strategy, working with colleagues to enhance our unique culture and business model to fulfil our purpose.

“We have observed Nimesh’s natural leadership style and proven ability to engage at all levels throughout the organisation and with external stakeholders.  His strategic approach and deep understanding of our businesses, together with his global and financial experience all underpin the board’s confidence in the future leadership of our group.

“We believe Nimesh will provide both continuity as well as progression in our journey towards creating sustainable value for our all our stakeholders and we look forward to working closely with Nimesh, supporting him on this journey ahead.

“Nimesh will continue as chief financial officer until 16th January 2024.  The board has commenced a process to appoint a successor to this role, which will be announced at the appropriate time.”

Nicholas Anderson said:  “The twelve years I’ve spent with this group have been the most enjoyable and fulling of my 41-year working career.  I am extremely proud of what we have achieved over these years and wish to thank all my colleagues, past and present, for their support and contribution to these achievements.

“I am also delighted that the board has chosen Nimesh to lead the group on the next leg of this journey, which I’m sure will be even more successful.”

Nimesh Patel said: “I made the decision to join Spirax-Sarco Engineering three years ago because I knew there was something extremely special about the group.  This has been proven to me every day by the colleagues I meet and work with all over the world.

“It is a huge privilege to be trusted with the leadership of the group and I believe passionately in the role we can play in supporting our customers’ sustainability journeys, building on the strong position Nick has established.”

Nick will step down from the board on 16th January 2024 but remain as an employee of the group until 31st March 2024, acting in an advisory capacity to support Nimesh as he transitions into his new role.

Spirax-Sarco Engineering will publish its half year results on 10th August 2023.