CEO succession

Pete Raby has informed the Board of his intention to retire as CEO following a decade in the role. It is intended that Pete will be stepping down as CEO and from the Board on 1 July 2025, but will continue to provide support for the transition until the end of August 2025.

The Board is delighted to announce that Damien Caby, currently President of the Thermal Products Division, is appointed CEO Designate. Damien has been selected following a comprehensive process that considered internal and external candidates, will join the Board on 8 May 2025, and will assume the CEO role on 1 July 2025.

Pete Raby, CEO, commented:

"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. 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."

Ian Marchant, Chair, added:

"I would like to thank Pete for his service over the last ten years. He has transformed the Group and will 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."