What happened? Smiths this morning announced that its CFO had resigned and provided a trading update (organic sales growth guidance nudged up by 1ppt, margin guidance unchanged). On the CFO change, Smiths states that Clare Scherrer, the current CFO of Smiths Group plc, has announced her decision to retire from the company. She will remain in her role until January 31, 2025, and will assist in a smooth transition until her departure on April 30, 2025. The company has appointed Julian Fagge, currently President of Smiths Interconnect, as her successor, effective February 1, 2025. Julian joined Smiths in 2013 and has held various leadership roles, including Group Financial Controller and President of Flex-Tek. Alongside Clare, another notable change is Bernard Cicut, President of John Crane, who is also retiring. Bernard will be succeeded by Ruben Alvarez, a 27-year veteran of John Crane who is currently Vice President of Portfolios and Customer Operations. In regards to trading, we note that Smiths has upgraded its guidance for full-year organic revenue growth to 6-8%, up from the previous 5-7% guidance (Consensus sits at 7%). Smiths states that this is due to strong performance across the business, particularly in Smiths Detection and Smiths Interconnect during Q2''25. The company''s full-year order book visibility has also improved. The operating profit margin guidance remains unchanged, with a 40-60 basis point expansion expected in FY2025. BNPP Exane View: Clare stepping down as CFO comes as a slight surprise and given, she was fairly well regarded by the financial community should weigh on sentiment slightly. That said, her replacement, Julian Fagge, has a wealth of experience with Smiths in both a financial and operational capacity, which would make him a natural successor. At the same time, the second upgrade to organic revenue growth guidance (even if only moved up, such that the mid-point is in line with current Consensus expectations) is...