Coats Group plc, the world’s leading manufacturer of thread and structural components for apparel and footwear and an innovative pioneer in performance materials, has announced a succession plan for Rajiv Sharma, who has decided to step down from his role after 14 years with Coats, the last eight years as Group Chief Executive, and leave the Group by the end of 2024.
Following a comprehensive selection process, supported by external advisers, the Board has appointed David Paja as Group Chief Executive designate. David is expected to join the Group and become an Executive Director of the Board on 1 September 2024 and assume responsibilities from Rajiv on 1 October 2024. Rajiv will remain available to the Board and David until year-end.
David Paja was, until recently, CEO of GKN Aerospace, part of Melrose Industries PLC, where he played a major role in the successful turnaround of the business and delivery of profitable growth. Prior to this, David held senior leadership positions at Aptiv, Honeywell, and Valeo.
David Gosnell OBE, Chair of Coats, comments: “Rajiv has been instrumental in driving the transformation of Coats since being appointed Group Chief Executive eight years ago. He will leave us in a much stronger position, with a platform for accelerating profitable growth.”
“We are delighted to welcome David to the team. Having run a thorough search process, we are excited to have found a world-class candidate who has the experience and skills to deliver upon the next part of the Coats journey.”
Rajiv Sharma, Coats Group Chief Executive, comments: “It has been a privilege to lead Coats. During my 14 years with Coats, the company was listed on the London Stock Exchange, entered the FTSE 250 and has been transformed into a pure B2B industrial-focused company. The growth strategy that is underpinned by sustainability, innovation, digital, and acquisitions is delivering results with industry-leading margins and cash. I congratulate David Paja on his appointment as the next Group Chief Executive and wish him and the team every success.”
David Paja, Coats Group Chief Executive designate, comments: “I am very excited about taking up the Group Chief Executive role, the growth prospects for Coats, and what we can achieve over the medium-term given the strong starting position. I look forward to working with Rajiv and the team from September.”
