Sarah Highfield joins Coats Group as non-exec
Industrial threads and footwear components manufacturer Coats Group has appointed Sarah Highfield a Non-Executive Director, joining the board on 1 November.
Arriving with “significant experience of driving growth globally, including in the US and China”, she will also join the Audit and Risk Committee as Chair Designate, and the Nomination Committee.
She will succeed Nicholas Bull as Chair of the Audit and Risk Committee following the 2024 AGM, expected to be held on 22 May 2024.
Highfield was most recently CEO of female technology firm Elvie, having previously served as COO, CFO and Deputy CEO. She was also a Non-Executive Director and Chair of the Audit Committee at Seraphine Group.
Prior to joining Elvie, she was Group CFO at Costa Coffee for over five years, including during the £3.9 billion sale to The Coca-Cola Company. She was also CFO of Tesco
Chair of Coats David Gosnell said: “Her strong financial background and strategic expertise in diverse sectors and geographies will bring valuable insights to Coats.”
Problems with industry restocking and tough year-ago comparisons have continued to hurt Coats Group, seeing its half-year revenues and earnings fall.
In the six months to 30 June, organic revenue fell 19% to $715 million (£562 million) with Apparel organic revenue, which accounts for more than half the company’s business, falling 20%. Adjusted operating profit also fell 21% to £84 million.
However, management expects current H2 sales to start picking up again.
