SIG plc, the Sheffield-based international building materials supplier, announced that Gavin Slark — formerly of Grafton Group — has officially joined SIG as chief executive officer.

Steve Francis has now stepped down as CEO and as a director.

“These directorate changes follow the announcement on 8 September 2022 that, following its successful turnaround and return to profitability, Steve Francis would step down as CEO early in 2023,” said SIG. 

“At the same time the board also announced that Gavin Slark had agreed to join the company as Steve’s successor.”

SIG added: “Details of outstanding remuneration payments due to Steve Francis will be disclosed on SIG’s website in accordance with section 430(2B) of the Companies Act 2006.

“He will not receive any payment for loss of office.”

On January 10, SIG said its 2022 underlying operating profit is expected to almost double from £41 million to £80 million, as it prepares for life under a new chief executive.

In a trading update for the year ended December 31, 2022, SIG said revenue rose to £2.74 billion from £2.29 billion in 2021.

SIG’s biggest shareholder is US buyout firm Clayton, Dubilier & Rice with a 29% stake.

SIG said like-for-like sales rose 17% annually in 2022, with Poland and Benelux countries growing the most and UK and France the least.