(Reuters) -Britain’s Johnson Matthey named outsider Richard Pike as chief financial officer on Monday, and said Chairman Patrick Thomas will step down from his role, as part of the auto catalyst maker’s efforts to shore up its operations.
The company began a review of executive pay last month and also plans to cut spending on hydrogen technologies following pressure from its largest shareholder, Standard Investments, to review its operations and overhaul the board to improve the group’s performance.
Johnson Matthey, which manufactures catalytic converters and pollution filters for cars and processes platinum group metals, said Pike will join the company from packaging firm DS Smith, which was recently bought out.
Pike’s “proven track record of financial leadership will be critical as we continue to execute our transformation strategy,” Chief Executive Liam Condon said in a statement.
Its shares, which fell 21% in 2024, were up nearly 1% at 1,436 pence by 0912 GMT on Monday.
Pike had been group finance director at DS Smith since March 2023, and was previously CFO at waste firm Biffa, which was taken private in 2022.
He will succeed Stephen Oxley in April, Johnson Matthey said.
The company also said Chairman Thomas will step down after its annual general meeting in July and that it had begun a search for his successor.
Standard Investments, which has an 11% stake in Johnson Matthey, did not wish to comment immediately when contacted by Reuters.
The moves come at a time when companies also face escalating trade tensions.
U.S. President Donald Trump said on Sunday he will introduce 25% tariffs on all steel and aluminium imports into the country, on top of existing metal duties.
Johnson Matthey, which has its roots in testing precious metals for purity and generated roughly half of its revenue in fiscal 2024 from its metals business, said in November that it expected minimal impact from the tariffs when they were first proposed.
(Reporting by Pushkala Aripaka in Bengaluru and additional reporting by Aby Jose Koilparambil; Editing by Savio D’Souza, Sherry Jacob-Phillips and Susan Fenton)
