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ConvaTec Profit Misses, CFO Quits



8/3/2017 7:18:32 AM

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Board Changes

Reading, United Kingdom (3 August 2017)

The Board of ConvaTec Group Plc (“ConvaTec” or “the Company”) has decided that following the listing of ConvaTec on the London Stock Exchange, the position of Group Chief Financial Officer (“CFO”) should be relocated to the Head Office in Reading. Nigel Clerkin, the current CFO, has decided not to relocate his family from Dublin and consequently will leave the Company. It is expected that Nigel will continue in his position as a Director of the Company and CFO until 31 October 2017, to ensure a full and proper handover of his responsibilities to his successor.

The Board is pleased to announce the appointment of Frank Schulkes as CFO Designate, effective today, becoming CFO on 31 October 2017. Frank was previously CFO of Wittur Group, a privately- held industrial company based in Germany, prior to which he spent 27 years with GE in a variety of increasingly senior financial and planning roles. In 2007 he was appointed Executive Vice President and CFO of GE Healthcare, a position he held until mid-2015 when he left to join Wittur. GE Healthcare is a global medical technology, life sciences and services organisation with four divisions, revenues of $18 billion and 53,000 employees.

Paul Moraviec, Chief Executive Officer of Convatec, said:

“I am delighted to welcome Frank to ConvaTec. He brings exceptional experience gained as a senior leader in a very substantial global healthcare company and he has deep knowledge of the medical technology sector. I am looking forward to working with Frank to continue executing on our strategy and to deliver further value to our shareholders.”

"On behalf of the Board, I would also like to thank Nigel for his contribution to ConvaTec. He has seen the business through a critical phase in its history, culminating in our successful IPO and refinancing in 2016. He leaves the business in a strong financial position. We respect Nigel’s decision not to relocate his family to the United Kingdom, and we wish him well in his future career.”

Nigel Clerkin said:

“We have made great progress in the time I have been CFO and I wish the Company every success for the future. It has been a sincere pleasure to have played my part supporting Paul in leading the Company to the position it has reached today. I would like to thank my colleagues on the Board and throughout the Company for their guidance and support during my time with ConvaTec.”

There are no disclosures to be made pursuant to LR 9.6.13 in relation to the appointment of Frank Schulkes.

Enquiries

Analysts and Investors

PRESS RELEASE

John Crosse, VP Investor Relations, ConvaTec +44 (0)7500 141 435

Kirsty Law, Director Investor Relations, ConvaTec +44 (0)7470 909 582

investorrelations@convatec.com

Media

Bobby Leach, VP Group Corporate Affairs, ConvaTec +44 (0)7770 842 226

Alastair Elwen, Finsbury +44 (0)207 251 3801

About ConvaTec

ConvaTec is a global medical products and technologies company focused on therapies for the management of chronic conditions, with leading market positions in advanced wound care, ostomy care, continence and critical care, and infusion devices. ConvaTec’s products provide a range of clinical and economic benefits including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care. To learn more about ConvaTec, please visit www.convatecgroup.com where a copy of this announcement can also be found.


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