Spirax-Sarco Engineering PLC on Tuesday announced that Chief Executive Officer Nicholas Anderson plans to retire in early 2024, and is to be replaced by Chief Financial Officer Nimesh Patel.

The Cheltenham, England-based thermal energy management and pumping company said that CEO Anderson told the board of his intention to retire following completion of 10 years in the role.

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.’

Spirax-Sarco announced that CFO Patel will take up the position on January 16, and that his appointment to the role followed a ‘rigorous succession process’.

CEO Anderson will remain an employee of the company until March 31, acting in an advisory capacity to support Patel as he transitions to the role of CEO.

CFO Patel said: ‘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.’

Shares in Spirax-Sarco were up 0.2% at 10,890.00 pence each in London on Tuesday morning.

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