Spirax Sarco Engineering : Board Succession Changes

News Release

14th February 2018

Board Succession Changes

Spirax-Sarco Engineering plc, the world leader in the control and efficient use of steam,electrical thermal energy solutions, and peristaltic pumping and associated fluid path technologies, announces the following Board changes in accordance with its ongoing succession planning.

Our Chairman, Bill Whiteley, has indicated his intention to retire from the Board after the Annual General Meeting on 15th May 2018 (AGM). Bill has served as a Director for 16 years and as Chairman for the past nine years.

It is proposed that Jamie Pike, the current Senior Independent Director and who joined the Board in 2014, will take over as Chairman with effect from the close of the AGM. As a consequence of Jamie's appointment, it is also proposed that Clive Watson be appointed as the Senior Independent Director. Clive will continue as Chairman of the Audit Committee. All appointments are subject to the re-election of Directors at the AGM.

In accordance with the UK Governance Code 2016 (Code), Jamie Pike's proposed appointment follows a rigorous selection and interview process, which included independent advice from external consultants, Korn Ferry. Jamie will continue as Chairman of RPC Group plc and, as announced today by Ibstock plc, he will be stepping down as their Chairman and as a Director at the next Ibstock plc Annual General Meeting on 24th May 2018. This will bring his total FTSE Board Chairmanships to two and, therefore, the Board is satisfied that Jamie will have the time and capacity to fulfil his duties as Chairman of Spirax-Sarco Engineering plc. Two FTSE Chairmanships is also compliant with the 2017 proxy advisor voting guidelines including those issued by Institutional Shareholder Services and Glass Lewis.

Jamie Pike will, on appointment as Chairman, resign as a member of the Audit Committee and the Remuneration Committee in compliance with the Code. He will Chair the Board and the Nomination Committee.

In anticipation of these changes, good progress has been made in the recruitment of an additional Independent Non‑Executive Director, which will be announced shortly.

Commenting on Bill Whiteley's retirement, Nicholas Anderson, Group Chief Executive, said:

'On behalf of our shareholders the Board acknowledges with gratitude Bill's significant contribution to the Group's growth and prosperity over the last 16 years. In his role as Chairman, Bill's leadership has been vital in guiding the business through significant changes and challenges, earning him the highest respect from shareholders, the Board and colleagues.'

Commenting on his retirement and Jamie Pike's proposed appointment, Bill Whiteley, Chairman, said:

'It has been a pleasure to serve the shareholders and the Company for 16 years and, over this time, to see the Group make significant progress. Everyone at Spirax Sarco has my best wishes for the future and I am confident that the Company will continue to go from strength to strength.

Jamie's broad industrial engineering and international business experience will benefit the further development of the Group. His skills and experience place him in an ideal position to act as our Chairman.'

Notes to Editors:

Biography of Bill Whiteley

Until his retirement in 2008, Bill Whiteley was Chief Executive of Rotork plc, where he had been a Director since 1984. Bill has been awarded an honorary Doctorate of Engineering by the University of Bath.

Biography of Jamie Pike

Jamie Pike joined Burmah Castrol in 1991 and was Chief Executive of Burmah Castrol Chemicals before leading the Foseco buy-out in 2001 and its subsequent flotation in 2005. Prior to joining Burmah, he was a partner at Bain & Company. Jamie was educated at Oxford, holds an MBA from INSEAD and is a Member of the Institute of Mechanical Engineers. He is Chairman of RPC Group ​plc and, until 24th May 2018, Chairman of Ibstock plc.

Biography of Clive Watson

Clive Watson held several tax and finance roles before joining Black & Decker in 1988 as Director of Tax and Treasury Europe. He was later appointed Vice-President of Business Planning and Analysis in the USA. Clive then joined Thorn Lighting as Group Finance Director before working for Borealis as Chief Financial Officer and Executive Vice-President of Business Support. Clive is an Executive Director and Group Finance Director of Spectris plc. He is a member of the Institute of Chartered Accountants and the Chartered Institute of Taxation.

Enquiries:

Nicholas Anderson, Group Chief Executive

Tel: 01242 535234

Andy Robson, General Counsel

Tel: 01242 535276

About Spirax Sarco

Spirax-Sarco Engineering plc comprises two world-leading businesses, Spirax Sarco for steam and electrical thermal energy solutions and Watson-Marlow Fluid Technology Group for niche peristaltic pumps and associated fluid path technologies. Spirax Sarco provides a broad range of fluid control and electrical process heating products, engineered packages, site services and systems expertise for a diverse range of industrial and institutional customers. The business helps its end users to improve production efficiency, reduce energy costs, water usage and emissions, improve product quality and enhance the safety of their operations. Watson-Marlow Fluid Technology Group offers the ideal solution for a wide variety of demanding fluid path applications with highly accurate, controllable and virtually maintenance free pumps and associated technologies. The Group is headquartered in Cheltenham, England, has strategically located manufacturing plants around the world and employs approximately 7,250 people, of whom over 1,600 are direct sales and service engineers. Its shares have been listed on the London Stock Exchange since 1959 (symbol: SPX).

Further information can be found atwww.spiraxsarcoengineering.com

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