STIRLING: The board of Superglass is pleased to announce the appointment of John Colley as a non-executive director.
Mr Colley will succeed Tim Ross as chairman of Superglass on 31 March 2012. Having worked in the building materials industry for over 20 years, he brings a track record of adding value through sales growth and cost management together with extensive experience of operational restructuring and refocusing businesses.
Mr Colley has worked at executive director level for eight years, and is currently a non-executive director of two private equity businesses, Jablite and Styropack, and sits on the management committee of the parent group Synbra BV. He is also a past president of the Construction Products Association the industry trade body representing the construction industry. His experience includes the role of executive managing director of St Gobain with responsibility for the Gypsum and Insulation Northern and Eastern Europe Division, a business with €1.8bn of annual sales.
Outgoing chairman Mr Ross said: "I am delighted that the Board has secured the appointment of John Colley as chairman of Superglass. His knowledge of, and extensive experience within, the European insulation manufacturing sector will be of significant benefit in driving shareholder value as the company implements its recovery and growth plan for the business."
Mr Colley said: “I look forward to bringing the benefit of my experience to working with chief executive officer Alex McLeod to build on this platform and deliver the turnaround in the business."
The future ownership of insulation maker Superglass will be reviewed once the company is back on its feet, says incoming chairman John Colley.
He said there was "a lot more work to be done" to turnaround Superglass after a major fundraising at the end of last year allowed it to proceed with a £6.5m revamp of its plant.
Superglass has struggled with lower-than-expected demand from utility company-backed insulation schemes, and has also been buffeted by furnace problems and high energy prices.
