By Stuart Condie
SYDNEY–Protective garment manufacturer Ansell Ltd. will promote the head of its industrial business to replace retiring Managing Director and Chief Executive Magnus Nicolin.
The ASX-listed firm on Tuesday said Neil Salmon would replace Mr. Nicolin from September 1. Mr. Salmon joined Ansell in 2013 and has led the industrial division since 2019.
Darryl Nazareth, who leads Ansell’s healthcare business, had been the other internal candidate. He will continue in his role, Ansell said, adding that a replacement for Mr. Salmon would be appointed in due course.
Chairman John Bevan said Mr. Salmon’s experience meant he understood the drivers of Ansell’s recent success. Ansell’s share price hit a record high this year after the company increased its market share and earnings amid a Covid-related surge in demand for personal protective equipment.
“His leadership was critical in the management of the initial challenges of the pandemic, positioning the business where it could maximize benefits from the recovery as it emerged,” Mr. Bevan said.
Ansell in April lifted its fiscal 2021 earnings guidance after increasing prices in response to higher raw material and supplier costs. With demand for exam gloves and other equipment still high, Ansell expects that on-year sales growth will exceed the first half’s near 25% on-year growth.
The company’s strong balance sheet has prompted some analysts to predict further acquisitions or a share buyback.
Mr. Nicolin has led the company for 11 years, overseeing the divestment of its condoms business and increased focus on personal protective equipment. He postponed his retirement last year amid the tumult of the Covid pandemic, with international travel restrictions complicating the screening of prospective successors.
Ansell shares last traded at A$40.25. They fell as far as A$21.43 in March 2020 but had recovered to a record A$42.43 on April 29 this year.
Write to Stuart Condie at email@example.com
View more information: https://www.marketwatch.com/story/ansell-promotes-industrial-chief-to-replace-retiring-md-nicolin-update-271623110466