GAVIN SLARK has today become the new Chief Executive Officer (CEO) of SIG plc and assumes a directorship of the company.

SIG has confirmed that from today Steve Francis has stepped down as CEO and as a director. The moves follow the announcement last autumn that, following SIG’s successful turnaround and return to profitability, Steve Francis would step down as CEO early in 2023. At the same time the Board also announced that Gavin Slark had agreed to join the company as Steve’s successor.

Steve Francis has agreed to remain available as a consultant to the company until April this year to maintain a seamless transition of leadership.

CEO Role at SIG

Gavin Slark’s career background includes his most recent role of 11 years as CEO of builders merchant’s business Grafton Group, parent company of Buildbase, Selco, Woodie’s (in Ireland), Chadwicks and several others. In 2021 Grafton posted its highest ever annual profits of £341m. The company’s share price fell when news of his appointment to SIG emerged.

Gavin Slark currently remains as a non-executive director of main construction contractor, Galliford Try Holdings plc. He will step down from the role at the end of March 2023. He will join SIG plc on a base salary of £675,000 plus a pension allowance of 5%.

Steve Francis will continue to be paid his £60k salary by SIG plc until March. He is also eligible to receive pension contributions, an annual bonus, over 3 million shares worth around .36p each and their dividends, as well as have the legal costs associated with his stepping down met by the company.

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