AALST-EREMBODEGEM, Belgium--(BUSINESS WIRE)--Ontex Group NV announced that its Board of Directors met today, and decided changes to its Board of Directors and related committees following the sale of all remaining shares by Whitehaven B S.à r.l. (“Whitehaven B”). As part of these changes, Luc Missorten has been unanimously appointed as Chairman of the Board with immediate effect, and succeeds Paul Walsh, who has resigned from his position on the Board.
Following the sale of all remaining shares by The Goldman Sachs Group, Inc. and TPG Group Holdings (SBS) Advisors, Inc., via their affiliated entity Whitehaven B, their six nominated Directors Paul Walsh, Alex Mignotte, Antonio Capo, Michele Titi-Cappelli, Richard Butland and Simon Henderson have resigned from the Board of Directors. Ontex strengthened its Board of Directors at the time of the IPO with three Independent Non-Executive Directors, to allow for a smooth transition in case of changes in the capital structure of the Group.
Gunnar Johansson, Independent Director of Ontex Group NV, is appointed as Chairman of the Remuneration and Nomination Committee, replacing Luc Missorten.
Paul Walsh said, “It has been a pleasure to work with Ontex since January 2014 during such an exciting period of the Company’s history. I am very pleased that Luc will be heading the Board and succeeding me. He has been a key contributor since joining the Board last June. He brings with him vast experience in the consumer goods industry, and is well positioned to lead the Board as it continues its journey.”
Luc Missorten said, “The Board would like to thank Paul and the outgoing Directors for their contribution and unwavering commitment to the Company through a period of significant change, culminating in the successful IPO in June 2014. They have been instrumental in leading Ontex through its transformation process and setting up the business for continued success. We wish them all the best in their future endeavors.
“Following these changes, the Board reinforces its commitment to shareholder value creation and good governance. I am excited to work with the team and navigating Ontex through the next stages of its growth.”
Luc Missorten biography
Mr. Missorten has been the Chief Executive Officer of Corelio from 2007 until September 2014, and remains a serving board member, a position he has held since 2007. He is an Independent Director of Barco, chairing its audit committee and is a member of its remuneration committee. He is also an Independent Director of GIMV where he chairs the audit committee. From 1995 to 2007, he served as Executive Vice President and Chief Financial Officer for Labatt Brewing Company, Interbrew (now AB InBev) and most recently UCB. He also served as the Corporate Finance Director for Interbrew from 1990 to 1995 and a Vice President of Citibank from 1981 to 1990. He holds a law degree from Catholic University of Leuven, a Certificate of Advanced European Studies from College of Europe, Brugge and an LL.M from the University of California, Berkeley.
About Ontex
Ontex is a leading manufacturer of branded and retailer brand hygienic disposable products across Europe, the Middle East and Africa. The Company primarily sells its products to retailers, helping them to establish or enhance their own brands. While historically Western Europe has been the Company’s largest geographic market in terms of sales (69% of sales in 2014), the Company also has a growing presence in emerging markets where it offers both retailer brands and its own brands, with the mix varying by product category and geography. The Company believes that it operates a strong and diversified business across multiple geographies and serves a blue chip customer base with high quality products in core, resilient and non-discretionary categories.
