Coats Group non-executive director Fahy to stand down
Industrial threads producer Coats Group said Tuesday that Anne Fahy is to stand down from her post as non-executive director (NED) requesting not to seek re-election at forthcoming Annual General Meeting on 18 May.
Fahy will attend her final board and committee meetings on 17-18 May in her capacity as non-exec and chair of the Audit and Risk Committee.
As a result of her decision, Nicholas Bull will be appointed to replace her as chair of the Audit and Risk Committee with effect from 19 May.
Bull was appointed as a non-exec and senior independent director of Coats in April 2015, and has been a member of the Audit and Risk Committee since then.
He brings extensive financial experience through both his current appointment as chair of Fidelity China Special Situations, as well as from his previous roles with de Vere Group, Société Générale, Morgan Grenfell and ABN Amro.
David Gosnell, chair, said: "Since her appointment in 2018, Anne's wealth of experience has helped guide Coats' continued growth and to navigate through the challenges of a global pandemic.”
After surviving in a tough pandemic, Coats returned to form in March with an impressive set of full-year figures.
Audited results for the year ended 31 December 2021 showed “accelerating” group sales growth of 29%, compared to the 6% gain delivered in pre-Covid 2019.
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