B&M European Value Retail S.A. Board Changes (5819S)
09 July 2020 - 11:28PM
UK Regulatory
TIDMBME
RNS Number : 5819S
B&M European Value Retail S.A.
09 July 2020
9 July 20 20
B&M European Value Retail S.A.
Board Changes
B&M European Value Retail S.A. (the "Company") announces
that, further to the announcement made on 3 March 2020, Alex Russo
will join the Company as the Chief Financial Officer ("CFO")
Designate on 5 October 2020. Alex will be appointed as an Executive
Director and Chief Financial Officer ("CFO") of the Company on 16
November 2020 following a handover period with Paul McDonald.
Paul McDonald will retire from the Board of Directors of the
Company on 15 November 2020 but will remain employed by the Company
under garden leave and remain able to assist the group as required
for the remainder of his notice period to 8 January 2021.
Peter Bamford, Chairman, said:
"I am delighted that Alex Russo will be joining the Board of
B&M later this year. His previous roles with leading retail
businesses in the UK and internationally brings a valuable level of
experience to the Board as our business continues to grow at a
significant rate. Paul McDonald has done an excellent job as CFO
for the last nine years and we thank him for his contribution and
wish him well for the future."
In respect of Paul McDonald's remuneration the Company confirms
that the following financial terms below have been agreed with Paul
in line with the Company's Remuneration Policy which was approved
by the shareholders at the 2018 AGM:
1. he will continue to receive salary and benefits up to the
expiry of his notice period to 8 January 2021;
2. he will participate in the 2020/21 annual incentive bonus
plan ("AIP"), on a pro-rata basis (excluding the period of garden
leave), subject to the determination by the Remuneration Committee
of the outcome of the performance conditions following the
financial year end. One-third of any bonus will be subject to
deferral into shares in the normal way;
3. as a good leaver his outstanding awards under the Long Term
Incentive Plan ("LTIP") made in 2018 and 2019 will vest to the
extent that the performance conditions are met, pro-rated
proportionately to his actual period of service (excluding the
period of garden leave);
4. LTIP awards in respect of which the performance conditions
have already been satisfied, which were made in 2015, 2016 and
2017, will be exercisable by him when the holding periods for those
awards have expired;
5. his Deferred Bonus Share Plan ("DBSP") awards (including any
to be awarded on the outturn of the 2020/21 AIP bonus) will vest
and become exercisable on the expiry of the normal vesting periods
in relation to those awards; and
6. he will not receive an LTIP grant in 2020/21 and no
compensation for loss of office will be payable.
All AIP, LTIP or DBSP awards which include malus and clawback
provisions under their respective plan rules will continue to
apply.
Details of Paul McDonald's remuneration will be disclosed in the
Directors' Remuneration Report for 2020/21 and the vesting of share
awards in subsequent years as applicable.
Enquiries
B&M European Value Retail S.A.
For further information please contact +44 (0) 151 728 5400
Simon Arora, Chief Executive Officer
Steve Webb, Investor Relations Director
Investor.relations@bandmretail.com
Media
For media please contact +44 (0) 207 379 5151
Maitland
Daniel Yea
bmstores-maitland@maitland.co.uk
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END
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