Elementis Plc (LON:ELM), a global specialty chemicals company, has announced that Luc van Ravenstein will assume the role of Chief Executive Officer and join the Board of the Company on 29 April 2025, succeeding Paul Waterman.
Luc is a highly respected leader with a strong track record of delivering innovation, growth and efficiency during his 13 years at Elementis. He has led the Company’s largest business segment, Performance Specialties (previously Coatings), for seven years. During this period, Luc oversaw the transformation of Coatings into a leading speciality additives business with a higher quality product portfolio and significantly higher margins. Before that, Luc led the Personal Care segment for six years during a period of significant growth. Prior to joining the Company, Luc held various leadership positions at Croda International plc.
The appointment follows a thorough search process led by the Nomination Committee, supported by an independent executive search firm, which included consideration of a range of candidates, including external to the Company.
Further to the Company’s announcement on 18 November 2024, Paul Waterman will step down as CEO and retire from the Board on 29 April 2025. Paul will continue to be employed by the Company and will be available as required for any transition support until the end of July 2025 to ensure a smooth transition with Luc.
John O’Higgins, Chair, said:
“On behalf of the Board, I would like to thank Paul for his leadership, and to wish Luc success in his new role. Luc is ideally positioned to continue to deliver the progress made so far on the Company’s strategy and the achievement of our financial targets.”
Luc van Ravenstein, incoming CEO, said:
“I’m delighted to have been appointed to lead this great company that has been my home for the last 13 years. We will be building on the momentum of the past few years to deliver our financial commitments. With fantastic people, innovative products and deep customer relationships, I look forward to working with everyone to take Elementis to the next level of success.”
Notes
· Luc van Ravenstein will receive a base salary of US$720,000 and a Company pension contribution of 8% of base salary (aligned with the majority of the wider UK workforce). His maximum annual bonus and long-term incentive opportunities will be set at 150% and 200% of base salary respectively. These arrangements are consistent with the Company’s Directors’ Remuneration policy.
· The Remuneration Committee has set Luc’s base salary in the context of the new CEO being an internal promotion and intends to review his salary in April 2026 in light of individual performance and market rates of pay for comparably sized FTSE 250 companies. Further details will be disclosed in the Directors’ Remuneration Report for the year ending 31 December 2025.
· Details of Paul Waterman’s remuneration arrangements in connection with his departure are set out in the Section 430(2B) Companies Act 2006 Statement which is available on the Company website.
