Morgan Advanced Materials plc (MGAM.L) Thursday said its fiscal 2024 trading performance was in line with expectations.
The company further announced the appointment of Damien Caby, currently President of the Thermal Products Division, as CEO Designate. He will join the Board on May 8, and will assume the CEO role on July 1.
Caby succeeds Pete Raby, who has informed the Board of his intention to retire as CEO following a decade in the role. He will step down as CEO and from the Board on July 1, but will continue to provide support for the transition until the end of August 2025.
Commenting on Caby, Ian Marchant, Chair, said, "He brings strong leadership capabilities and international experience, having successfully led our Thermal Products business for the last two years and having previously held senior leadership roles in BASF and Imerys."
In its 2024 trading update, the company said sales were 3.6 percent higher for the Group on an organic constant currency basis.
Adjusted operating profit was in line with expectations.
The company plans to release full year results for 2024 on February 28.
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