Jon Stanton will step down as CEO of Weir Group in August after 10 years in the job and with the Scottish-headquartered company among the world’s best positioned major suppliers of mining equipment and technology.
His successor is current Weir minerals president Andrew Neilson.
Stanton has overseen significant acquisitions that have grown Weir’s exposure to mining and minerals at a pivotal juncture for the sector and more than doubled the size of its overall addressable market.
Weir jettisoned energy businesses between 2019 and 2021 after paying US$1.28 billion for ESCO Corporation to enhance its minerals and infrastructure revenues. Weir minerals was generating about £1.1 billion of sales in 2016. Last year it turned over £2.56 billion and booked £2.6 billion of orders.
Headlined by last year’s £624 million acquisition of Australia’s Micromine, Weir has added a £100 million-a-year mining software business with plenty of upside in an estimated £3.8 billion market.
London-listed Weir’s current £7.18 billion market value is up about threefold since the start of 2016 and the company currently has about 12,000 employees in more than 200 locations worldwide.
“Weir has gone through enormous change under Jon’s stewardship and we are a more focused, more successful and more profitable business today thanks to his efforts,” Weir chair Barbara Jeremiah said.
“Jon’s commitment to the success of our mining customers through our leading equipment and software platforms means that Weir is stronger than ever, underpinned by the reshaping of our portfolio, our commitment to continuous improvement and our uncompromising dedication to working safely in our facilities and on our customers’ sites.”
Stanton joined Weir as CFO in 2010. He said the time was right for a leadership transition.
“Over its long history Weir has brought innovative engineering to solve the challenges of the time and I have loved every minute of the journey with my amazing colleagues to lead it to the forefront of the critical minerals challenge and create the multi-decade opportunity that lies ahead,” he said.
“Weir today is uniquely positioned for growth in the mining value chain with leading technology in equipment and software, unmatched customer intimacy and a strong operating platform.”
Stanton said new CEO Neilson had played a major role in Weir’s strategic transformation.
“I look forward to supporting his seamless transition and to watching the Weir team go from strength to strength as I begin my next chapter,” he said.
Neilson also joined Weir in 2010 and has been at the helm of its minerals division for the past three years. He was previously president of ESCO and led integration of the businesses.
“Weir is a very special company, with a rich engineering heritage and a great future ahead, being uniquely positioned to support our customers in meeting global critical mineral needs,” Neilson said.
