The embattled medical units maker ConvaTec will announce a sweeping boardroom overhaul on Monday together with the departure of chairman Sir Christopher Gent, one of the outstanding figures in British enterprise.
Sky Information has learnt that ConvaTec, which has seen its shares stoop since itemizing in 2016, will say that Karim Bitar, at present chief govt of animal genetics firm Genus, will be a part of it in the identical position.
His appointment will come greater than 5 months after Paul Moraviec stepped down because the boss of ConvaTec, which makes units similar to catheters and colostomy baggage.
Mr Bitar’s arrival is meant to inject some momentum right into a turnaround on the FTSE-250 firm, which has a market worth of £2.64bn after seeing its worth slide by practically one-third during the last 12 months.
ConvaTec’s largest shareholders, together with life sciences investor Novo Holdings and a Singaporean state funding fund, are understood to have been briefed on the boardroom overhaul.
Sir Chris’s departure, simply two-and-a-half years after ConvaTec’s preliminary public providing in London, is prone to shock the Metropolis.
It was unclear on Sunday evening whether or not a everlasting successor had been lined up for Sir Chris, the previous chief govt of Vodafone and chairman of GlaxoSmithKline, two of the London inventory market’s largest corporations.
ConvaTec’s weak efficiency has been a supply of dismay to traders who purchased in on the time of the float given administration’s insistence that the corporate is essentially sound.
It has vital progress alternatives in worldwide markets, with ageing populations making larger use of the power care merchandise that ConvaTec manufactures.
A ConvaTec spokesman declined to remark.