SIG chairman set to depart after new CEO appointed

Construction supplier SIG is facing more changes at the top table, with chairman Leslie Van de Walle announcing his departure.

Only two weeks ago the company announced that turnaround chief Meinie Oldersma would be joining as chief executive to replace his ousted predecessor. He will join the Sheffield-based from 3 April. On the announcement, SIG’s share price rose more than 7% as investors appear confident in Oldersma’s abilities.

At the same time, it announced major losses of £106m, blaming the slowdown around the EU referendum, continuing poor sales and increased competition in domestic markets.

Van de Walle will step down once a successor has been identified and Oldersma is established in his new role.

“The company said: “In order to ensure an orderly succession process, a search and selection process for a new Chairman will now commence and further announcements will be made in due course.”

Following the announcement of major losses, SIG sold its £100m-turnover  flooring business to Leeds private equity fund Endless. The business was founded in 1992 and employs nearly 400 people from its base in the Midlands.