Victrex shares drop 9% following CEO succession announcement
Investing.com -- Shares in Victrex (LON:VCTX) plc fell more than 9% on Tuesday after the company announced that chief executive Jakob Sigurdsson will retire, with Dr. James Routh set to take over as CEO. The timing of Routh’s appointment has not yet been finalized.
The polymer solutions manufacturer said Sigurdsson will remain in the role until Routh joins the board, ensuring what it called an “orderly transition.”
The announcement marks the end of Sigurdsson’s nearly eight-year tenure leading the company.
Routh, who is currently CEO of AB Dynamics plc, brings more than three decades of experience in sectors including transportation, aerospace and defense.
Victrex said the appointment followed a comprehensive search of internal and external candidates.
He has signed his service contract but no definitive start date has been confirmed. A further update is expected once finalized..
Cox said Routh was the “standout candidate” for the job and highlighted his experience in delivering growth strategies and expanding new technologies commercially.
Routh, who holds a PhD in materials engineering and is a chartered mechanical engineer, said he is “excited and proud” to join Victrex.
He is also a non-executive director and senior independent director of Tracsis plc. The company said Sigurdsson will be designated a “good leaver” when he officially retires on July 7, 2026.
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