Johnson Matthey (LON:JMAT) has appointed a new chairman, the blue-chip group has said. The move comes with the group’s chairman Tim Stevenson due to step down later this year.
Johnson Matthey’s share price has been little changed in London in today’s session, having inched marginally lower and currently standing 0.03 percent in the red at 3.302.00p. The stock is outperforming the broader UK market, with the benchmark FTSE 100 index having given up 0.84 percent to 7,203.32 points so far in today’s trading. The group’s shares have added just under 10 percent to their value over the past year, as compared with about a 1.7-percent dip in the Footsie.
Johnson Matthey appoints new chairman
Johnson Matthey announced in a statement today that it had appointed Patrick Thomas to succeed Tim Stevenson as Chairman of the specialty chemicals company. Thomas will join the board as Non-Executive Director and Chairman Designate on June 1. He will be appointed as Chairman of the board with effect from the end of the Annual General Meeting on July 26 when Stevenson is due to step down.
Since 2015, Thomas has been Chief Executive Officer and Chairman of the Board of Management of polymers business Covestro and is due to step down from his role at the end of next month. He was chief executive officer at Covestro’s predecessor, Bayer MaterialScience, prior to its demerger from Bayer. He also spent five years at Huntsman Corporation.
Analysts on blue-chip group
Liberum Capital reiterated its ‘hold’ rating on Johnson Matthey at the end of last month, valuing the shares at 3,300p, while Morgan Stanley remains ‘overweight’ on the stock, without specifying a price target. According to MarketBeat, the specialty chemicals company currently has a consensus ‘buy’ rating and an average price target of 3,592.22p.