The CEO of Bradford-on-Avon-based AB Dynamics will swap the South of England for the North after announcing that he will depart to join Lancashire-headquartered Victrex.
Dr James Routh will join manufacturing firm Victrex next year after serving a 12-month-long notice period and he is set to replace Jakob Sigurdsson, who is retiring after eight years in the role.
Routh, who will be paid a base salary of £600,000 at Victrex, has more than 30 years’ experience across international companies serving end-markets in the sector, including transportation, aerospace and defence.
He will swap AB Dynamics – the designer, manufacturer and supplier of advanced testing, simulation and measurement products to the global transport market – for Victrex – a global firm focusing on high performance polymer solutions.
He previously worked as group managing director of FTSE 100 listed Diploma plc for six years.
“I am very proud of what we have achieved at AB Dynamics over the past seven years,” he said. “We have built a sustainable and resilient business with strong financial and operating performance, providing an excellent platform from which to achieve the Group’s medium-term aspirations.
“I leave behind an excellent team and have every confidence AB Dynamics will go from strength to strength in the future.
“I am excited and proud to be appointed chief executive of such a highly regarded global company. The Group has strong growth drivers and very attractive end-market positions.
“I look forward to working with the board, senior leadership, the wider Victrex team and our customers and partners, to enhance delivery in our key end-market segments and realise the strong growth potential of the business over the coming years.”
Dick Elsy, chairman of AB Dynamics, added: “On behalf of the board I would like to thank James for his contribution to AB Dynamics.
The group now has a solid and scalable platform from which to capitalise on the board’s ambitious multi-year growth plans, with a strong and experienced leadership team and a clear growth strategy.
“The board is confident that we can continue to deliver strong growth and financial returns, creating significant value for all our stakeholders. We wish James every success in his new role.”
Since the news, AB Dynamics has seen its share price rise from 1,500p at the close of play on Monday to 1,630p at 8:30am on Tuesday.
Victrex, however, where Routh is the incoming CEO, has seen its shares dip from 783p to 724.8p during the same period.