Synthomer Chief to step down next year

1st Jul 2014 08:39

Adrian Whitfield, the Group Chief Executive of FTSE 250-listed Synthomer, has announced his plans to step down after eight years with the company in one year's time. The specialty chemical company said it would conduct a comprehensive search for his replacement.Whitfied said it was "the right time" given the company's current "solid platform [and] clear strategy for future growth". "Now is the right time in my career to step down and allow someone else to take Synthomer forward," he added. He will step down on June 30th 2015.Chairman Neil Johnson said: "Over the past eight years, Adrian has overseen Synthomer's transformation from a small, diversified chemical business to a world leading producer of aqueous polymers. He led the highly successful acquisition of PolymerLatex in 2011 and during his tenure the company's revenues have more than doubled to over £1bn. "Today the business has a robust balance sheet, strong cashflow and excellent management team." Shares fell 0.56% to 230.80p at the opening bell.NR