Home safety supplier Sprue Aegis confirms new chief executive
COVENTRY-based Sprue Aegis, a supplier of home safety products, has confirmed the appointment of its new chief executive.
Neil Smith, who has a retail and brand background having served in senior positions for the likes of blue chip, multi-channel businesses Kingfisher (owner of B&Q), Halfords Group, Home Retail Group (owner of Argos and Homebase) and Boots Retail Group, has joined the board with immediate effect.
In addition, Smith also has extensive knowledge of Far East sourcing, brand development and international retailing. He holds a degree in Business Studies and a Diploma in Marketing.
Commenting on the appointment, Sprue chairman Graham Whitworth said: “I am delighted to announce that Neil has joined the board following his appointment as Group Chief Executive. He has a great business background with the combination of skills necessary to strengthen the Company and we are looking forward to working closely with him.”
Smith joined immediately after the firm’s AGM, during which it approved the 2015 Long Term Incentive Plan for its senior executives.
Whitworth, Smith, group managing director Nicholas Rutter, group finance director John Gahan and managing director of Pace Sensors, Marion Zanon will all be eligible for awards.
The measurement period will be the three years to June 3, 2018 and any award is subject to delivering a minimum total shareholder return of at least 25%. If TSR is less than 25% over the measurement period then none of the share options vest but if it is between 25% and 100%, 25% up to 100% of the options will vest accordingly.
The firm announced prior to its AGM that it is on course for record H1 sales and operating profits after good success in the French market. However, it said H2 was likely to be quieter meaning full year results would be in line with expectations.
