SIG plc, the Sheffield-based international building materials supplier, announced the appointment of Dutch national Pim Vervaat as the company’s new chief executive officer — and chair designate.
“Pim will take up the role of CEO and join the board on 1 October 2025,” said SIG.
“This appointment follows the announcement on 9 May 2025 that the company had received notice from Gavin Slark of his resignation as CEO.”
Slark, who has been SIG CEO since February 2023, is to join Travis Perkins plc as CEO. SIG said it has exercised its right to place its existing Slark on garden leave for the remainder of his employment, until December 31, 2025. Slark has stepped down as a director.
SIG added: “As part of SIG’s longer term succession planning, it is expected that Pim will transition to the role of non-executive chair approximately 18 months later, when Andrew Allner intends to step down as non-executive chair, and from the board.
“At this time Andrew will have served a full term in his role, having been appointed in November 2017. A process to identify Pim’s successor as SIG’s CEO will be undertaken in advance of this handover.
“Pim, a Dutch national, has served as the CEO of large scale European industrial companies in both the UK listed sector and under private equity ownership.
“He most recently served as CEO of Constantia Flexibles, a €2 billion turnover flexible packaging company, which was acquired by One Rock in 2024. Prior to that he was CEO of the UK listed plastic products business, RPC Group, from 2013 to 2019, where he also served as CFO from 2007 to 2013.
“Pim is also currently Senior Independent Director of Luceco plc, a UK listed company offering wiring accessories, LED lighting, portable power and other products.”
SIG’s CFO Ian Ashton will be responsible for the day-to-day operations of the group until October 1, 2025.
SIG said Vervaat will join SIG on a base salary of £750,000 “which is inclusive of entitlement to bonus, pension and benefits.”
“It has been agreed that upon Pim’s appointment taking effect on 1 October 2025, the company will make a one-off recruitment award to him of restricted share units with an aggregate value equal to 285% of base salary,” said SIG.
“The number of shares will be calculated using the average daily closing share price over the three months prior to the date of this announcement.
“Consistent with Pim’s expected tenure as CEO, this award will vest after 18 months and the resulting shares will then be subject to a minimum holding period of five years from the date of grant or, if longer, the date on which Pim ceases to be a director (including as chair).
“Pursuant to SIG’s Remuneration Policy the making of this recruitment award requires the approval of shareholders and accordingly the service agreement between the Company and Pim Vervaat is subject to shareholder approval. A circular containing notice of a General Meeting that will be convened for the purposes of seeking this approval will be posted to shareholders in due course, with the General Meeting to be held as soon as practicable thereafter.
“Pim has also expressed his intention to acquire c.£375,000 worth of shares in SIG, with such shares to be acquired before his appointment takes effect.
“During the last five years Pim has been a director of RPC Group plc and of Avon Rubber plc; he is no longer a director of either company. He is a director of Luceco plc.”
SIG also published trading update for the six months to June 30, 2025, showing group revenue of £1.306 billion, representing 1% like-for-like growth versus the prior year.