Weir Group: Change at top as Jon Stanton steps down after decade as CEO
“After ten years and with the company in great shape it is the right time for a leadership transition” – Jon Stanton
Weir Group, the historic Glasgow-headquartered engineering business, will see a change at the top this summer after its chief executive of ten years standing steps down.
The group can trace its roots back more than 150 years as a pumps and engineering business and has undergone major restructuring in recent times to focus on supporting the global mining industry. It has some 12,000 employees operating in more than 50 countries.
The firm credited Jon Stanton for leading its strategic transformation into a “global mining technology leader”. Following ten years as chief executive and 16 years with Weir, Stanton will step down on August 1.
He will be succeeded by Andrew Neilson, who joined Weir in 2010 and is currently president of its minerals division - the company’s largest operation. He will receive a base salary of £825,000 per annum as CEO.
Stanton, who joined Weir as chief financial officer in 2010 and was appointed chief executive in 2016, said: “It has been an immense privilege to lead Weir but after ten years and with the company in great shape it is the right time for a leadership transition.
“Over its long history, Weir has brought innovative engineering to solve the challenges of the time and I have loved every minute of the journey with my amazing colleagues to lead it to the forefront of the critical minerals challenge and create the multi-decade opportunity that lies ahead.”
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Chief executive designate Neilson said: “I am incredibly honoured to be appointed as the next CEO of Weir, and grateful to Jon and all of the colleagues who have supported me on this journey.
“Weir is a very special company, with a rich engineering heritage and a great future ahead, being uniquely positioned to support our customers in meeting global critical mineral needs.
“We have the right strategy to deliver for all our stakeholders and I look forward to working with my 12,000 talented colleagues around the world to realise this tremendous growth opportunity and deliver on our mission to make mining more sustainable.”
Weir Group’s chair, Barbara Jeremiah, added: “Weir has gone through enormous change under Jon’s stewardship and we are a more focused, more successful, and more profitable business today thanks to his efforts.
“Jon’s commitment to the success of our mining customers through our leading equipment and software platforms, means that Weir is stronger than ever, underpinned by the reshaping of our portfolio, our commitment to continuous improvement and our uncompromising dedication to working safely in our facilities and on our customers’ sites.”
News of the succession plan came as the group released a first-quarter trading update to coincide with its annual general meeting, noting that its order book growth remained on track.
Stanton told investors: “Looking ahead to the full year, we remain focused on disciplined execution despite several challenges facing the mining industry, not least rising uncertainty as to potential impacts from conflict in the Middle East.
“With supportive commodity prices driving demand for expansions and high underlying activity levels, we expect orders to develop very positively through the year and reiterate our full-year guidance for growth in constant currency revenue and operating profit, together with achievement of our margin and cash conversion targets.”
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