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ConvaTec appoints seasoned transformation guru as chairman

The interim chairman highlighted his replacement's “wealth of experience” in senior roles in “companies undertaking transformation”

ConvaTec Group PLC - colostomy

ConvaTec Group PLC (LON:CTEC) has scooped up John McAdam to be its chairman just as he leaves the same role at a pair of FTSE 100 giants.

Having recently stepped down at Rentokil Initial PLC (LON:RTO) and due to retire from United Utilities Group PLC (LON:UU.) at the end of the year, McAdam will start work at the colostomy-bag-maker at the end of September, the same day as new chief executive Karim Bitar.

McAdam, who before beginning his portfolio career was chief executive at ICI after two decades at Unilever, has amassed 20 years’ experience in corporate boardrooms.

Current executive chairman Rick Anderson, who was asked to step up from a non-executive role to become interim chief executive as part of a reshuffle forced alongside a profit warning last October, then took the chair when Christopher Gent gave it up at May’s annual meeting.

ConvaTec has started to implement a turnaround plan since issuing a series of profits warnings in the last couple of years, blamed on client issues and challenging markets but with analysts criticising “execution issues”.

Anderson highlighted McAdam’s “wealth of experience” in senior roles in “companies undertaking transformation”.

The new appointments will see Anderson return to his role as a non-executive director.

Quick facts: ConvaTec Group PLC

Price: 187.4 GBX

LSE:CTEC
Market: LSE
Market Cap: £3.75 billion
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