Construction products supplier, SIG, has announced the appointment of Pim Vervaat as its new chief executive officer (CEO) and chairman designate.
Vervaat’s appointment follows the announcement by existing SIG chief executive, Gavin Slark, of his resignation back in May.
Slark has been placed on garden leave for the remainder of his employment, until 31 December 2025.
Vervaat, a Dutch national, will assume the role of CEO and join the Board of Directors on 1 October, before succeeding Andrew Allner as non‐executive chairman about 18 months later.
Allner said: “The Board is delighted to announce that Pim has agreed to join SIG as its CEO and non‐executive chair designate. He has significant experience of operating in decentralised European businesses and a strong track record of delivering shareholder value. The Board looks forward to working with Pim on SIG’s growth and development.”
Vervaat has been 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, 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.
Vervaat is a senior independent director of Luceco, a UK listed company offering wiring accessories, LED lighting, portable power and other products.
A search for his successor as SIG’s CEO will happen before the handover, with Ian Ashton taking up responsibility for the day‐to‐day operations of the group.
Revenue for the six months to 30 June 2024 was around £1.3 billion, down 6.8 per cent from the roughly £1.4 billion achieved in the same period in the previous year, generating a pre-tax loss of £11.3 million (H12023: £12.2 million profit).
SIG generated an operating profit last year of £7.1 million, down significantly on the prior period (£30 million), and an underlying operating margin of 0.9 per cent (H12023: 2.3 per cent).
The group posted a total loss of £14.2 million for the six months to 30 June 2024, compared to a £4.7 million profit in the prior trading period.
However, its underlying operating profit for H1 2025 is expected to be £15 million (H1 2024: £12 million), with ongoing productivity initiatives partially offsetting a continued “softness in market demand”.
The Board expects to report net debt at 30 June 2025 of £525 million (31 December 2024: £497 million) and liquidity of £171 million (31 December 2024: £177 million), with the latter consisting of £81 million gross cash and a £90 million undrawn RCF.
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