SSL International plc ('SSL'), the global manufacturer and distributor of premium healthcare products formed following the mergers of Seton Healthcare, Scholl, and London International Group, has today announced a restructuring of its Board.
Iain Cater, Chief Executive of SSL, has been invited by the Board to step down and he will leave with immediate effect. The search for a new Chief Executive is under way, and meanwhile Dieno George, currently Managing Director - Continental Europe, has been appointed interim CEO.
Stuart Wallis, who became Chairman of Scholl plc in 1996 and since 1998 has been Chairman of SSL, has confirmed, as anticipated, that he will not be renewing his contract, and accordingly will step down from the Board when his current term expires on 31 July 2001. He will remain actively involved as Chairman until that time.
The group also announces that following the Interim Results statement last November it has re-evaluated internal expectations for the year to 31 March 2001, and now considers it likely that the pre-tax profit for the year will be of the order of £90million.
Additionally, the group intends to re-assess stock in trade, with a view to reducing this to normal commercial levels. The company expects to quantify the effects of this re-assessment when it announces its Preliminary Results in early June 2001.
Stuart Wallis, Chairman, said 'The underlying trading position remains sound. The Board believes that the changes that have been made, including the appointment of the new Finance Director, place the company in a strong position going forward.'
-ENDS-
Contact Details:-
Stuart Wallis (Chairman) 020 7426 4680
Dieno George (Acting Chief Executive) 01565 624000
Garry Watts (Group Finance Director) 020 7426 4680