Source - Alliance News

Spirax-Sarco Engineering PLC and Croda International PLC on Monday announced that Louisa Burdett, Croda’s chief financial officer, will join Spirax-Sarco as CFO next year.

Spirax-Sarco is a Cheltenham, England-based thermal energy management and pumping company. Croda International is a Yorkshire, England-based chemicals firm.

Burdett, a ‘highly experienced’ finance chief, will join Spirax-Sarco with effect from July 2024. She has only spent a short period at Croda, having joined the executive committee in January.

Prior to joining Croda, Burdett was CFO of Meggitt OLC from January 2019 to October 2022, and before that was CFO of Victrex PLC. Moreover, she is currently a non-executive director of RS Group PLC, and served as CFO of Financial Times Group at Pearson PLC from 2008 to 2012.

Her predecessor at Spirax-Sarco, Nimesh Patel, will be promoted to group chief executive with effect from January 16.

Spirax-Sarco said that Phil Scott, its director of group finance, will serve as interim CFO from January 16 until Burdett joins the company.

‘Louisa has an exceptional track record in leading finance for UK listed companies,’ said Spirax-Sarco Chair Jamie Pike, ‘together with related non-executive and sector experience that will be invaluable to the board and executive leadership team as we progress on our journey towards creating sustainable value for all our stakeholders.’

Croda, which has commenced a search for Burdett’s successor, also confirmed that trading was in line with previous guidance. It reaffirmed its adjusted pretax profit outlook of between £300 million and £320 million, albeit towards the lower end of that range due to recent currency movements.

Shares in Spirax-Sarco were trading 1.8% lower at 10,110.00 pence each on Monday morning in London. Shares in Croda International were down 1.6% at 4,981.00p.

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