SIG’s management shake-up sees CEO and finance head leave the company

BUILDING MATERIALS supplier SIG plc has replaced CEO Meinie Oldersma with the former head of collapsed cafe operator Patisserie Valerie, Steve Francis, as it seeks to stem a slide in its business due to a weak European construction market.

The Sheffield-based firm, which has issued a pair of warnings on results since last October, also said that finance head Nick Maddock would step down.

Mr Francis will act as CEO until the end of this year while Kath Kearney-Croft, the former head of camera and lighting equipment supplier Vitec Group, will take the chief financial officer role on an interim basis.

Chairman Andrew Allner said: “The board is most appreciative of Meinie and Nick’s contribution to the transformation of SIG. They have led with great determination, energy and urgency in significantly reducing the cost base of the business, improving operating efficiency and completing the disposal of non-core businesses.

“They leave a much more focused business, a restructured balance sheet and a strong financial position, providing a sound platform for future growth.

“Now that this essential restructuring of the group has largely been completed, the board believes that it is time for a new leadership team, with skills in driving rapid operational performance improvements through strong customer relationships, excellence in customer service and creating highly engaged teams.”

SIG, which has 8,300 employees, said results for the year ended December 31 would be in line with guidance provided in January. SIG warned last month that sales in December had fallen by a quarter versus November.