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Steve Foots

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Steve Foots
NationalityBritish
EducationUniversity of York (BSc, Chemistry)
OccupationBusiness executive
CompanyCroda International
TitleGroup Chief Executive, Croda International

Stephen Edward Foots (born September 1968) is a British business executive who has been Group Chief Executive of Croda International, the speciality chemicals company headquartered at Cowick Hall near Snaith in East Yorkshire, since January 1, 2012.[1][2] Foots joined the company as a graduate trainee in 1990 and spent his whole career with the company before succeeding Mike Humphrey as chief executive.[3]

Foots took over shortly after the company joined the FTSE 100 and when its annual sales had passed £1 billion for the first time.[4] As chief executive he reorganised the group from a regional into a global structure, made a series of technology acquisitions, and in 2020 made the two largest purchases of his tenure: the fragrance maker Iberchem for €820 million and the lipid specialist Avanti Polar Lipids for an initial US$185 million. Through the Avanti deal the company became a supplier to the Pfizer-BioNTech COVID-19 vaccine, a role Foots called his "proudest moment" at the company.[5] In 2022 he completed the sale of most of the group's industrial chemicals businesses to Cargill, which he described as completing the company's transition into "a pure-play consumer and life sciences company".[6]

After record results in 2021 and 2022, profits under Foots fell sharply as customers ran down inventories they had built up during the pandemic. The company issued two profit warnings in 2023, and by October 2023 its shares had lost more than half their value since the end of 2021.[7] In 2025 and 2026 Foots led a transformation programme aimed at about £100 million of annual efficiency benefits by 2028.[8] He was appointed a Commander of the Order of the British Empire (CBE) in the 2025 King's Birthday Honours, and since July 2025 he has also been an independent non-executive director of Tate & Lyle.[9][10]

As of October 2026 Foots remains Group Chief Executive. He presented the company's results for the first half of 2026 on July 28, 2026.[11]

Early life and education

Companies House records give Foots's date of birth as September 1968 and his nationality as British.[2] He grew up in the north-east of England. As a boy he made regular trips to Nottingham to visit his father's one-time best friend, the football manager Brian Clough, who managed Nottingham Forest. Foots joked in 2012 that Clough "taught me all of my bad words".[4]

Foots studied at the University of York, where he took a BSc in chemistry.[4] In 2025 the university awarded him an honorary degree for his industry leadership and his long-standing commitment to scientific innovation.[3]

Career

Early career, 1990 to 2010

Foots joined the company as a graduate trainee in 1990.[3][12] According to the company he went on to hold a number of senior leadership roles and to run several of its businesses.[3] Companies House records show Foots as a director of the UK subsidiary Croda Chemicals Limited from July 1, 1996, of Croda Leek Limited from January 1, 1997, and of Croda CE Limited from December 9, 2002.[10]

By 2010 he was President of Croda Europe, which Humphrey described in 2011 as the European speciality business and "the largest division within Croda".[13] Foots joined the main board on July 1, 2010.[2][1]

Succession to chief executive, 2011

On July 28, 2011, alongside its interim results, the company announced that Mike Humphrey, chief executive for 13 years, would retire at the end of the year after 42 years with the company. Foots, then President of Croda Europe, would succeed him on January 1, 2012.[13] The chairman, Martin Flower, called Foots "an ideal successor having been with Croda for over 20 years and on the Board for the last 12 months". Humphrey said he was "extremely pleased to be handing over to Steve Foots given his extensive knowledge of the company built up over 20 years", and agreed to stay on as a senior adviser.[13]

Foots duly became Group Chief Executive on January 1, 2012.[1] In a 2012 interview with The Daily Telegraph, he compared following Humphrey to succeeding Alex Ferguson, saying "Some people might say it's like taking over from Alex Ferguson".[4] In his first results statement as chief executive, Foots reported 2011 sales of £1,068.4 million and pre-tax profit of £242.2 million, up 25.9 percent on the year before.[1]

Early tenure, 2012 to 2014

The Telegraph described Foots's approach at the outset as "evolution not revolution". He planned bolt-on technology acquisitions and expansion in emerging markets rather than a change of strategy.[4] He described the business model as built on value rather than volume: "We don't really think about chemicals, we think about effect." He also said his priority for the company's cash was "to find clever ways of using that cash within the company, but we're not going to waste it and if there's any free, that's returned to shareholders".[4]

Foots and the board also said the company should stay independent, in line with the company's vision statement, "To remain an independent company and operate as one global team". He argued that anyone wanting to buy the company would have to show "not just that they can run the business in year one, but that the financials look better in years two, three, four and beyond".[4]

In 2013 sales rose 2.4 percent to £1.08 billion and pre-tax profit increased by five percent to £250 million. The company warned that the strength of sterling would weigh on profit growth in emerging markets.[14] In its results for 2014 the company called the year "a challenging year for the Business": weak consumer demand, particularly in Western Europe, and adverse currency movements pushed reported revenue down 2.8 percent to £1,046.6 million. During that year the executive team led by Foots moved the business "from a regional to a global organisation", organised by global market sector, with Consumer Care split into Personal Care and Life Sciences. The results statement said the reorganisation had given the group "better market focus and customer alignment to drive additional growth".[15] The board also set out a capital allocation policy: cash would be invested in organic growth and acquisitions, and any surplus returned through dividends and one-off returns. In December 2014 Foots announced a £120 million investment in its Atlas Point manufacturing site in North America.[15]

Growth and acquisitions, 2015 to 2019

In 2015 Foots reported record sales and pre-tax profit. Foots attributed the result to "a relentless focus on innovation, improved proximity to our customers and investment in fast growth markets". The board proposed returning £136 million to shareholders through a special dividend of 100p per share combined with a share consolidation.[16] In December 2015 the group completed the purchase of Incotec Group BV, a seed enhancement business, for €155 million. The company said the deal would broaden its position in crop care.[16]

Foots reported record profit again in 2017. Sales rose 10.4 percent to £1,373.1 million and adjusted pre-tax profit reached £320.3 million. Foots said the results showed that "Croda has three strong legs of growth", in Personal Care, Life Sciences and Performance Technologies.[17] Over the previous 12 months the group had acquired or invested in four "fast growth disruptive technology companies", including Nautilus, a source of marine biotechnology ingredients. It had also invested more than £150 million in capacity, including a bio-surfactant plant in North America.[17]

Growth slowed in 2019. Sales in the core business were broadly flat at £1,265.9 million and adjusted pre-tax profit fell to £322.1 million from £331.5 million. Foots called it "a resilient performance" in "subdued market conditions". He pointed to a slower US market and new legislation in China, both of which hit Personal Care, and to weak industrial demand.[18] In the same results Foots introduced a new corporate purpose, "Smart science to improve lives".[18]

Pandemic, vaccine lipids and portfolio change, 2020 to 2022

In 2020 Foots made two acquisitions in adjacent markets: Avanti Polar Lipids, for an initial US$185 million, and Iberchem, for a total of €820 million. The Iberchem purchase was partly funded by an equity placing that raised £627 million.[5] Avanti brought lipid technology that the company said opened the way to supporting mRNA and gene therapy drugs and vaccines, starting with a contract to supply components for the Pfizer-BioNTech COVID-19 vaccine.[5] Foots wrote in the 2020 results: "My proudest moment in more than 30 years at Croda came with our critical involvement with the Pfizer-BioNTech COVID-19 vaccine."[5]

The 2021 results were the best in the company's history. Reported sales rose 36 percent to £1,889.6 million and adjusted pre-tax profit rose 48 percent to £445.2 million.[19] On December 22, 2021 the company agreed to sell most of its Performance Technologies and Industrial Chemicals (PTIC) businesses to Cargill for an enterprise value of €915 million (about £778 million).[6] The business being sold included five manufacturing plants and about 1,000 employees. Foots said the deal "completes our transition into a pure-play consumer and life sciences company".[6] The sale completed on June 30, 2022. The industrial operations that were kept became the Industrial Specialties sector.[20]

Destocking and profit warnings, 2023 to 2024

In 2023 the company's customers in consumer care, crop protection and industrial markets cut back their stocks, and demand fell. On June 9, 2023 the company warned that full-year pre-tax profit would be £370 million to £400 million, against £780 million in 2022. Its shares fell by more than 12 percent that day.[21] Presenting the half-year results in July 2023, Foots said "the speed and scale of the post-Covid stocking and subsequent destocking has been unprecedented". He added that the company was "taking some actions to protect profitability ahead of conditions returning to normal".[20] On October 9, 2023 the company cut its forecast again, to adjusted pre-tax profit of £300 million to £320 million.[7]

Weakness continued into 2024, particularly in crop protection and consumer health. In July 2024 the company lowered its expected full-year adjusted pre-tax profit to between £260 million and £280 million at constant currency.[22] Foots said the group had "returned to year-on-year growth in the second quarter" and that sales of innovative products had reached record levels.[22] On July 1, 2024 the company announced that Stephen Oxley, formerly chief financial officer of Johnson Matthey, would become CFO.[22][3] Oxley joined the board in April 2025.[3] Adjusted pre-tax profit for 2024 came in at £260.0 million.[8]

Transformation programme, 2025 to present

The company's centenary fell in 2025. That year Foots reported sales of £1,699.4 million, up seven percent at constant currency, and adjusted pre-tax profit of £276.2 million.[8][12] In his annual report statement Foots addressed directly why "our performance has been inconsistent over the last three years". He cited volatile post-pandemic demand and the lost sales volumes from the 2022 divestment. He also said that the drivers of recent profit performance "are more specific to Croda", in particular a higher cost base, and that the heavy investment of 2020 to 2025 had reduced returns on invested capital.[23]

Building on a five-point plan announced in 2025, Foots set out a financial framework to 2028. It targets organic sales growth of three to six percent a year, an adjusted operating margin of at least 20 percent, a free cash flow to sales ratio of 12 percent and a return on invested capital of 10 percent by full year 2028.[23] The plan aims for about £100 million of annualised pre-tax efficiency benefits by the end of 2027 and a working capital reduction of about £50 million. The measures include rationalising processes and headcount at the group's 11 shared manufacturing sites, exiting a UK distribution centre, and removing management layers.[8] Capital expenditure was cut to £108.2 million in 2025 from £137.9 million in 2024.[8]

For the first half of 2026 Foots reported sales of £880.5 million, up 4.6 percent on an organic basis, and adjusted pre-tax profit of £147.7 million, up 7.0 percent. Foots said that the company was "successfully reinvigorating Beauty and seeing the early benefits of rebalancing Pharma" and that it remained "on track to deliver our financial framework for full year 2028".[11]

Leadership and management style

Foots has spent his entire career at one company and has repeatedly linked its results to innovation and to working closely with customers. In 2012 he described the company's job as being "to find the next big claim: to meet unknown needs". Foots rejected the idea that the company should simply use its proprietary position to raise prices: "the reality is you have to have your customers' trust, you can't abuse that. We launch a new product; that's what drives our margin story."[4]

Foots's strategy has been to move the group towards consumer, pharmaceutical and agricultural markets and away from industrial chemicals. By 2025, 89 percent of sales came from consumer, pharma and agriculture markets, compared with 73 percent in 2019. Local and regional customers made up 82 percent of Consumer Care sales.[23] On the 2020 call announcing Iberchem, Foots said fragrances had been "a strategic target for about four years". He added: "we don't want to be big in fragrance and flavours for the sake of it, we want to be big enough for what we want to do with the business to get the synergies in the small and medium size customer space."[24]

In 2012 the board, of which Foots had been a member since 2010, had no female directors. Asked about targets for women on boards, Foots told the Telegraph: "Our view is that diversity of thinking is crucial, but that doesn't necessarily mean diversity of gender ... But we're not going to just tick boxes." Foots noted that the company had received letters on the issue from lobby groups but none from shareholders.[4] By 2023 the company reported a gender-balanced board and a target of gender balance in leadership roles by 2030.[20]

Foots asked to give up his annual bonus for 2024, even though it would have paid out at 43.75 percent of the maximum. That year his total remuneration was £1,009,990.[23]

Major deals and strategic decisions

  • 2014: reorganised the group from a regional to a global structure, and announced a £120 million investment at the Atlas Point site in North America.[15]
  • 2015: acquired Incotec Group BV, a seed enhancement business, for €155 million, and proposed a £136 million special dividend.[16]
  • 2017: acquired or invested in four technology companies, including the marine biotechnology business Nautilus, and invested more than £150 million in capacity.[17]
  • 2020: acquired Avanti Polar Lipids for an initial US$185 million and Iberchem for €820 million, with a £627 million equity placing. The company also contracted to supply lipids for the Pfizer-BioNTech COVID-19 vaccine.[5]
  • 2021 to 2022: agreed to sell most of the PTIC businesses to Cargill for an enterprise value of €915 million. The sale completed on June 30, 2022.[6][20]
  • 2025 to 2026: launched a transformation programme targeting about £100 million of annualised efficiency benefits, with manufacturing and organisational rationalisation and lower capital expenditure.[8]

Financial and market performance

The table below gives figures the company reported for selected years of Foots's tenure. Adjusted figures exclude exceptional items and acquisition-related amortisation.

Year Sales Pre-tax profit Source
2011 £1,068.4 million £242.2 million [1]
2014 £1,046.6 million £235.4 million (adjusted) [15]
2015 £1,081.7 million £254.7 million (adjusted) [16]
2017 £1,373.1 million £320.3 million (adjusted) [17]
2019 £1,265.9 million (core business) £322.1 million (adjusted) [18]
2020 £1,390.3 million £300.6 million (adjusted) [5]
2021 £1,889.6 million £445.2 million (adjusted) [19]
2024 £1,628.1 million £260.0 million (adjusted) [8]
2025 £1,699.4 million £276.2 million (adjusted) [8]

In April 2012 the Telegraph reported that the share price was up 24 percent that year and about 300 percent over the previous three years. At the time the company had 3,200 staff and 17 factories.[4] The shares fell by about a third in 2022 and continued to fall in 2023.[21] By October 2023 they had lost more than half their value since the end of 2021.[7] As of December 31, 2025, the group employed 5,954 people in 91 locations across 36 countries.[23]

Remuneration

In 2013 Foots received a salary of £535,000, up from £485,000 in 2012, and total remuneration of £1.43 million, up from £1.36 million.[14] The 2025 annual report gives Foots's total remuneration for each year from 2016 to 2025. The figures ranged from £1,009,990 in 2024 to £4,155,280 in 2022, when the annual bonus and long-term incentives paid out in full. For 2025 his single total figure was £1,775,868, including a salary of £786,656 and an annual bonus of £754,403. No annual bonus was paid for 2019, 2020, 2023 or 2024.[23] Foots was a member of the Croda Pension Scheme until January 31, 2021, when he opted out. He now receives a pension supplement of 20 percent of salary.[23]

Board memberships and outside roles

  • Executive director of Croda International since July 1, 2010.[2] Foots chairs the Executive Committee and sits on the Finance and Group SHEQ Committees.[3]
  • Independent non-executive director of Tate & Lyle since July 24, 2025.[10][25]
  • Director of several subsidiaries, including Croda Chemicals, Croda Leek and Croda Europe, until July 15, 2019.[10]

Controversies

In 2023, under Foots, the company issued two profit warnings in four months. The June 2023 warning roughly halved the expected pre-tax profit compared with 2022. The October 2023 warning cut the outlook again, after analysts had been forecasting about £440 million before the first warning.[21][7]

Foots also drew attention in 2012 for his comments on board gender diversity, made when the company had no women on its board. The Telegraph reported that the company was "firmly in the doghouse" with campaigners for official targets for women to make up a third of board members. Foots said the company would "not just tick boxes".[4]

Personal life

Foots is married with children. A supporter of Sunderland A.F.C., he also lists golf and skiing among his interests. In 2012 he played golf off a handicap of six.[4]

Philanthropy

Personal Care Magazine has credited Foots with the establishment of the Croda Foundation, a charity funded solely by the company. By June 2025 the foundation had committed more than £5 million to charitable projects.[12]

Recognition

  • 2025: appointed Commander of the Order of the British Empire (CBE) in the King's Birthday Honours, published on June 14, 2025, "for services to the Chemical and Life Sciences Industry".[9] Foots said the award was "recognition of Croda's success, the company that I have been lucky enough to lead for the past 13 years".[12]
  • 2025: honorary degree from the University of York.[3]

See also

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 <ref>"Preliminary results for the year to December 31, 2011".Croda International Plc.February 21, 2012.Retrieved October 29, 2026.</ref>
  2. ↑ 2.0 2.1 2.2 2.3 <ref>"Croda International Public Limited Company: officers".Companies House.Retrieved October 29, 2026.</ref>
  3. ↑ 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 <ref>"Leadership".Croda International Plc.Retrieved October 29, 2026.</ref>
  4. ↑ 4.00 4.01 4.02 4.03 4.04 4.05 4.06 4.07 4.08 4.09 4.10 4.11 <ref>Sibun, Jonathan."Steve Foots: Croda's man with the chemistry for success".April 22, 2012.Retrieved October 29, 2026.</ref>
  5. ↑ 5.0 5.1 5.2 5.3 5.4 5.5 <ref>"Results for the year ended December 31, 2020".Croda International Plc.March 2, 2021.Retrieved October 29, 2026.</ref>
  6. ↑ 6.0 6.1 6.2 6.3 <ref>"Croda agreement to sell majority of Performance Technologies and Industrial Chemicals".Croda International Plc.December 22, 2021.Retrieved October 29, 2026.</ref>
  7. ↑ 7.0 7.1 7.2 7.3 <ref>"ii view: chemicals company Croda cuts profit forecast again".interactive investor.October 9, 2023.Retrieved October 29, 2026.</ref>
  8. ↑ 8.0 8.1 8.2 8.3 8.4 8.5 8.6 8.7 <ref>"Results for the year ended December 31, 2025".Croda International Plc.February 24, 2026.Retrieved October 29, 2026.</ref>
  9. ↑ 9.0 9.1 <ref>"Entrepreneurs and retail leaders recognised in King's Birthday Honours list".Department for Business and Trade.June 14, 2025.Retrieved October 29, 2026.</ref>
  10. ↑ 10.0 10.1 10.2 10.3 <ref>"Stephen Edward Foots: appointments".Companies House.Retrieved October 29, 2026.</ref>
  11. ↑ 11.0 11.1 <ref>"Half Year Results Announcement 2026".Croda International Plc.July 28, 2026.Retrieved October 29, 2026.</ref>
  12. ↑ 12.0 12.1 12.2 12.3 <ref>"Croda chief awarded CBE in King's birthday honours".Personal Care Magazine.June 23, 2025.Retrieved October 29, 2026.</ref>
  13. ↑ 13.0 13.1 13.2 <ref>"Interim results for the six months to June 30, 2011".Croda International Plc.July 28, 2011.Retrieved October 29, 2026.</ref>
  14. ↑ 14.0 14.1 <ref>"Croda's chief executive sees his pay package break £1.4m barrier".March 27, 2014.Retrieved October 29, 2026.</ref>
  15. ↑ 15.0 15.1 15.2 15.3 <ref>"Results for the year to December 31, 2014".Croda International Plc.February 24, 2015.Retrieved October 29, 2026.</ref>
  16. ↑ 16.0 16.1 16.2 16.3 <ref>"Results for the year ended December 31, 2015".Croda International Plc.February 23, 2016.Retrieved October 29, 2026.</ref>
  17. ↑ 17.0 17.1 17.2 17.3 <ref>"Results for the year ended December 31, 2017".Croda International Plc.February 27, 2018.Retrieved October 29, 2026.</ref>
  18. ↑ 18.0 18.1 18.2 <ref>"Results for the year ended December 31, 2019".Croda International Plc.February 25, 2020.Retrieved October 29, 2026.</ref>
  19. ↑ 19.0 19.1 <ref>"Results for the year ended December 31, 2021".Croda International Plc.March 1, 2022.Retrieved October 29, 2026.</ref>
  20. ↑ 20.0 20.1 20.2 20.3 <ref>"Half year results for the six months ended June 30, 2023".Croda International Plc.July 25, 2023.Retrieved October 29, 2026.</ref>
  21. ↑ 21.0 21.1 21.2 <ref>"ii view: FTSE 100's Croda crashes to three-year low".interactive investor.June 9, 2023.Retrieved October 29, 2026.</ref>
  22. ↑ 22.0 22.1 22.2 <ref>"Half year results for the six months ended June 30, 2024".Croda International Plc.July 30, 2024.Retrieved October 29, 2026.</ref>
  23. ↑ 23.0 23.1 23.2 23.3 23.4 23.5 23.6 <ref>"Annual Report and Accounts 2025".Croda International Plc.February 2026.Retrieved October 29, 2026.</ref>
  24. ↑ <ref>"Iberchem acquisition and placing: transcript of analyst call".Croda International Plc.November 18, 2020.Retrieved October 29, 2026.</ref>
  25. ↑ <ref>"Board of Directors".Tate & Lyle PLC.Retrieved October 29, 2026.</ref>
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