LONDON - Forterra (NASDAQ:FRTA) plc, a prominent manufacturer of clay and concrete building products in the UK, has announced the appointment of Nigel Lingwood as the incoming Chair Designate, set to take effect from April 1, 2025. The current Chair, Justin Atkinson, will retire from the Board after the Annual General Meeting (AGM) on May 20, 2025.
Lingwood brings extensive leadership experience to Forterra, having previously served as a FTSE 250 chair and Group Finance Director of Diploma PLC for 19 years, during which he oversaw significant business expansion. He currently holds the position of Chair at Volution Group plc and serves as Senior Independent (LON:IOG) Director at Dialight plc.
The transition comes as part of the Corporate Governance Code's rules on independence, marking the end of Atkinson's tenure, which began in April 2016 when he joined the Board as a non-executive Director. He has been serving as Chair since May 2019.
In his statement, Atkinson expressed his gratitude for the opportunity to contribute to Forterra's Board since the company's initial public offering in 2016 and his anticipation of a smooth handover to Lingwood.
Lingwood, commenting on his upcoming role, expressed enthusiasm for joining Forterra and the potential for driving shareholder value through sustainable growth. He commended Forterra's strong market presence and quality business foundation.
Neil Ash, Chief Executive of Forterra, thanked Atkinson for his strategic leadership, which has significantly shaped the company. Ash also expressed confidence in Lingwood's ability to further Forterra's success.
The announcement clarified that there are no further details requiring disclosure under the Listing Rules, indicating a straightforward appointment process. This leadership change is part of Forterra's ongoing governance and strategic development, aiming to maintain its position in the building products sector. The information reported is based on a press release statement.
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