LONDON: Coats Group plc announced that Mike Clasper has advised the Board that he will retire as Chairman and from the Board of Coats, at the conclusion of the Annual General Meeting scheduled for 19 May 2021, after nearly eight years year with the Company. Mike will be succeeded as Chairman by David Gosnell who is currently an Independent Non-Executive Director of Coats.
David joined the Coats Board in 2015. He was formerly Chairman of Old Bushmills Distillery Company Ltd and a Non-Executive Director of Brambles Ltd. David retired from Diageo plc in 2014 where he had most recently held the role of President of Global Supply and Procurement.
Mike Clasper, said: ‘I am privileged to have chaired Coats, a company with over 250 years of rich heritage and a deeply embedded positive and strong culture. It has been a time of unprecedented corporate transformation including the merger of the Guinness Peat Group and Coats plc Boards, delisting from the Australian and New Zealand Stock Exchanges, re-listing on the London Stock Exchange and entry to the FTSE 250 as well as the recommencement of our acquisition programme. David is an ideal successor to continue the positive momentum we have created and I am confident he will be an excellent Chairman.’
Rajiv Sharma, Chief Executive, said: ‘On behalf of the Board I would like to thank Mike for his outstanding contribution as Chairman. His drive, determination and resilience have been an integral part of our transformation success. We all wish him well for the future. I look forward to continue working with David and building on the strong legacy that Mike will be leaving.’
David succeeds Mike as Chairman of the Nomination Committee with immediate effect.
David will step down as Chair of the Remuneration Committee with effect from a date that will be announced in due course.
Coats is the world’s leading industrial thread company. At home in some 50 countries, Coats has a workforce of 17,000 people across six continents. Revenues in 2019 were US$1.4bn. Coats’ pioneering history and innovative culture ensure the company continues leading the way around the world.
It provides complementary and value added products, services and software solutions to the apparel and footwear industries. It applies innovative techniques to develop high technology Performance Materials threads, yarns and fabrics in areas such as Transportation, Telecommunications and Energy, and Personal Protection. Headquartered in the UK, Coats is a FTSE 250 company, a constituent of the FTSE4Good Index Series and a participant in the UN Global Compact. www.coats.com