Johnson Matthey has named ITV Chairman Andrew Cosslett as its new chairman, the company said on Thursday, in a move that follows a period of activist pressure.
The appointment is effective immediately and comes just over a week after activist investor Standard Investments disclosed it had nearly halved its stake in the British chemicals company to 4.75%.
Cosslett, a former chief executive of InterContinental Hotels Group, succeeds Patrick Thomas, whose planned departure after almost seven years was announced in February.
The change follows public calls from Standard Investments late last year for the company to improve its performance.
In response, Johnson Matthey in January detailed a transformation strategy and the creation of a new board investment committee to enhance capital allocation.
"I'm excited to join at such a pivotal time, with the sale of Catalyst Technologies to be completed and the business transitioning to focus on sustainable cash generation," Cosslett said in a statement.
"I look forward to working with the team to deliver long-term value for all our stakeholders."
More from this issuer
Related coverage
Johnson Matthey raised its full-year profit outlook for its core operations on Thursday, citing ongoing efficiency improvements and a boost from precious metal prices.
Activist investor Standard Investments has nearly halved its stake in Johnson Matthey, a British chemicals and sustainable technologies company.