Tech group Smiths wires new CEO from the US
Technology group Smiths has hired a new chief executive officer who will relocate to the UK from the US in a “mutually agreed” exchanging of the helm today.
Starting with immediate effect, incoming CEO Paul Keel formerly worked with US industry giant 3M for 16 years where he led a number of businesses, including its $5bn revenue Consumer Business group.
Following a lengthy search by the board’s nomination committee, the Harvard Business School graduate has also held senior roles with General Electric and McKinsey & Company.
The group, which operates in a range of tech markets like security, defence, space and aerospace, saw its share price sink by 1.03 per cent in the afternoon, with a share price of 1,543.50.
Keel, who said he was looking forward to moving back to the UK, added that “It is a great honour to lead Smiths at this exciting time in its 170-year history.”
Stepping down from the chief position, Andy Reynolds Smith will continue to ‘be available’ up until the end of the fiscal year to ensure a smooth handover, despite departing with immediate effect – although, unusually, there was no statement from the departing chief executive.
The group reported a 13 per cent drop in profits in September, while it has tried to sell its Smiths Medical business.
Smiths put out a final call for potential buyers of the business, adding that it would list the business separately on the stock market if no buyer appeared.
“[Keel] has a strong track record of delivering results in other innovation-led and diversified global industrial technology businesses. His international experience positions him well to build on the progress made during Andy’s tenure and allows Smiths to deliver on its significant potential as it enters its next growth phase,” chairman Sir George Buckley said.
“On behalf of the board, I would like to thank Andy for his leadership and contribution to the group, its employees, customers and stakeholders for almost six years.”