Morgan Advanced Materials plc (MGAM), the advanced materials manufacturer, has confirmed the appointment of Elizabeth Knowles as Chief Financial Officer and Board director with effect from 1 January 2027. The announcement follows an earlier disclosure made on 7 May 2026 and concludes a process that considered both internal and external candidates. Richard Armitage, the outgoing CFO, will retire from the Board on 31 December 2026, with his departure representing a significant leadership transition as the company executes its stated growth strategy.

Key Points

  • Morgan Advanced Materials plc (MGAM) is a UK-listed advanced materials manufacturer
  • Elizabeth Knowles appointed as CFO and Board director effective 1 January 2027, promoted from Group Director of Finance
  • Knowles will receive an annual salary of £410,000 on appointment; Richard Armitage will receive salary and benefits until 31 March 2027 with no payment for loss of office
  • Investors should watch for full remuneration details in the Morgan 2026 Annual Report and progress on the Strategic Review of Thermal Products

Elizabeth Knowles Promoted Internally After Joining Morgan in September 2024

Elizabeth Knowles joined Morgan Advanced Materials in September 2024 as Group Director of Finance, having previously served as Global Finance Transformation Director at Argenta Global Limited. Before that role, she spent 11 years at Vectura Group plc, holding positions including Group Financial Accountant, Group Financial Controller, and VP of Investor Relations and Corporate Finance. She began her career in audit at PricewaterhouseCoopers. The company states that Knowles was the stand-out candidate following a rigorous process and that her corporate finance experience and leadership within Morgan are considered central to delivering the group's strategy.

Richard Armitage's Departure Terms and Role in Thermal Products Review

Richard Armitage will step down as CFO and leave the Board on 31 December 2026, though he will continue to support the CFO transition and drive the Strategic Review of Thermal Products until the end of March 2027. The announcement confirms he will receive his salary and benefits until 31 March 2027, but will not receive any payment for loss of office. Armitage is treated as a good leaver for variable pay purposes, meaning his salary, bonus, and outstanding incentive awards will be handled in accordance with the company's Remuneration Policy. The Strategic Review of Thermal Products remains an ongoing workstream under his stewardship.

Knowles' £410,000 Salary Set Under Morgan's Directors' Remuneration Policy

Morgan Advanced Materials confirms that Knowles' remuneration arrangements have been set in accordance with the Directors' Remuneration Policy. Her annual salary on appointment will be £410,000, with full details to be disclosed in the Morgan 2026 Annual Report. No additional financial terms beyond salary have been disclosed in this announcement. Investors monitoring the group's cost base and board-level remuneration will note that complete disclosure is deferred to the annual report, which is expected to provide a comprehensive view of the incoming CFO's total package and incentive structure.

Leadership Continuity as Morgan Pursues Margin-Enhancing Growth Strategy

Chairman Ian Marchant noted that Armitage played a central role in positioning Morgan for margin-enhancing growth and led several transformation programmes. CEO Damien Caby highlighted Knowles' deep understanding of the business and her experience of partnering across the organisation as key attributes for delivering the company's strategy. Morgan Advanced Materials operates globally, producing specialist materials used across a range of industrial and technology applications. Investors may be watching how the transition affects execution of the group's stated strategic priorities, including the ongoing Thermal Products review.