20 May 2021
Genuit Group plc
Genuit Group plc (“Genuit”, the “Company” or the “Group”), a leading provider of sustainable water and climate management solutions for the built environment, today announces the following Board changes.
Chief Executive Officer to step down
Martin Payne has informed the Board of his intention to step down as Chief Executive Officer and from the Board. Martin will leave the Group during the first half of 2022, to support an orderly transition, after leading the business for five years. The Board is commencing a process to appoint a successor and the Company will provide an update as and when appropriate.
Ron Marsh, Chairman, commented: “On behalf of the Board I’d like to thank Martin for the significant contribution he has made to the Group over the last five years, particularly more recently in steering the Group successfully through the COVID-19 crisis. Martin has implemented a strategy to develop the Group into the broader water and climate management solutions markets, including six acquisitions, the most recent of which was the £210m acquisition of Adey. He leaves the Group in a strong position in growing markets with sustainability at its core. Following a recent successful re-branding to Genuit Group plc, the Group continues to capitalise on the opportunities ahead. We wish Martin well for the future.”
Martin Payne, Chief Executive Officer, commented: “I am very proud to have been part of the team over the last five years and am pleased to be leaving Genuit Group in such a strong position. In our separate trading update today, we have seen a robust start to the year, with our positive performance testament to the tireless and successful work of our experienced team. I wish everyone at Genuit every success for the future and I look forward to working with the Board to ensure a smooth transition to my successor.”
Appointment of Chief Operating Officer
The Board also announces the appointment of Matt Pullen as Chief Operating Officer (COO) with effect from 1 November 2021.
Matt will join Genuit Group’s Board from British Gypsum, a part of the Saint-Gobain Group, based in the UK, where he served as Managing Director since 2018. Prior to that, he worked for AkzoNobel for 8 years undertaking various commercial and leadership roles of increasing seniority in the UK, Ireland and Northern Europe. His last role was Managing Director, UK & Ireland. Prior to that Matt held various operational roles within the FMCG sector.
Matt succeeds Glen Sabin, who as previously announced, is retiring. Glen assumed the role of Chief Operating Officer and was appointed to the Board on 2 October 2017 and will step down from the Board on 1 November 2021, leaving the Company after a short handover period with Matt.
Ron Marsh, Chairman, commented: “Matt is a highly experienced senior executive with a strong track record and is an extremely valuable addition to the team as we pursue our growth strategy”.
Matt Pullen, commented, “I am delighted to have been appointed COO of Genuit Group. The Group has a significant presence in a number of high growth end-markets, with leading positions across the UK. I look forward to working alongside the Board and Executive Team to deliver continued performance across the Group.”
There is no information concerning Mr Pullen which requires notification under LR9.6.13R of the Financial Conduct Authority’s Listing Rules.
Martin Payne, Chief Executive Officer
Paul James, Chief Financial Officer
+44 (0) 1709 772 204
+44 (0) 20 7404 5959
Notes to Editors:
Genuit Group plc (“Genuit” or the “Group”), a leading provider of sustainable water and climate management solutions for the built environment, is the largest manufacturer in the UK, and among the ten largest manufacturers in Europe, of piping systems for the residential, commercial, civils and infrastructure sectors by revenue. It is also a leading designer and manufacturer of energy efficient ventilation systems in the UK.
The Group operates from 28 facilities in total, and manufactures the UK’s widest range of solutions for heating, plumbing, drainage and ventilation. The Group primarily targets the UK and European building and construction markets with a presence in Italy, the Netherlands, Ireland and the Middle East and sales to specific niches in the rest of the world.
Genuit Group plc changed its corporate name from Polypipe Group plc on 6 April 2021. The Group was established in 1980 and has been listed on the London Stock Exchange since 2014.