LONDON (ShareCast) - (Sharecast News) - Morgan Advanced Materials announced on Thursday that its chief executive officer Pete Raby would retire after a decade in the role, stepping down from the position and the board on 1 July.
The company said Raby would continue to support the leadership transition until the end of August.

Damien Caby, currently president of the thermal products division, had been appointed CEO-designate following a selection process.

He would join the board on 8 May, before assuming the CEO role on 1 July.

"It has been a privilege to lead Morgan over the last decade and I would like to thank our superb people for their commitment and support throughout that time," said Pete Raby.

"I look forward to working with Damien and the team throughout the first half, focusing on the delivery of a strong performance for the group, and on an orderly transition.

"With our leading market positions and investments in new products and capacity, I am confident the business is poised to deliver a period of faster organic growth and margin expansion."

Chair Ian Marchant said Raby had "transformed" the group, and would leave it with "a clear direction, a robust financial position and fully ready to exploit the opportunities for profitable growth in our chosen end markets".

"He will be very much missed by the board and by his many long-standing colleagues throughout the business.

"I am pleased that we have been able to appoint Damien as a successor.

"He brings strong leadership capabilities and international experience, having successfully led our Thermal Products business for the last two years and having previously held senior leadership roles in BASF and Imerys."

Separately, the company updated the market on its 2024 trading, reporting a 3.6% year-on-year increase in sales on an organic constant currency basis, with adjusted operating profit and net debt to adjusted EBITDA meeting expectations.

The company said its simplification programme remained on track, adding that its share buyback initiative had seen £4.7m of shares repurchased by year-end.

Morgan Advanced Materials said its full-year results for 2024 would be released on 28 February.

Reporting by Josh White for Sharecast.com.

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