Johnson Matthey chair to step down as new CFO named

(Sharecast News) - Chemicals group Johnson Matthey has announced that its chair of seven years Patrick Thomas will step down later this year, while its CFO of four years will be replaced by the head of finance at DS Smith. The changes come as the business "enters the next phase of its transformation strategy to deliver a step change in cash generation, higher returns on capital and sustainable shareholder value," the company said in a statement.

Thomas has informed the board that he doesn't intend to seek re-election at the annual general meeting in July and so will step down from his position as chair, which he has held since 2018.

"It is now the right time to hand over to a new chair who can guide the company through the next phase of its strategy," Thomas said.

The search for a new chair has now begun, and the nomination committee continues to "consider opportunities to augment the board with new directors to reflect the group's transformation strategy", Johnson Matthey said.

Meanwhile, CFO Stephen Oxley is being replaced by DS Smith's finance director Richard Pike, who will join the company on 1 April.

Pike, who previously held senior finance positions at Biffa, AB Sugar, British Sugar and Boparan Holdings, is said to bring strong financial leadership and a deep understanding of manufacturing and recycling industries.

"Richard's proven track record of financial leadership will be critical as we continue to execute our transformation strategy, with a strong focus on delivering cash generation and creating value for all our stakeholders," said chief executive Liam Condon.