Caledonia Investments PLC Directorate Change (4064H)
15 November 2018 - 6:00PM
UK Regulatory
TIDMCLDN
RNS Number : 4064H
Caledonia Investments PLC
15 November 2018
APPOINTMENT OF CHIEF FINANCIAL OFFICER
The board of Caledonia Investments plc ("Caledonia" or the
"Company") is pleased to announce that it has appointed Tim Livett
as Caledonia's Chief Financial Officer with effect from 12 March
2019.
Tim will join Caledonia from the Wellcome Trust, where he has
been Chief Financial Officer since 2014. Prior to this position, he
worked for Virgin Atlantic for ten years, initially as Finance
Director and latterly as Chief Financial Officer, having previously
held senior financial positions at Hudson Global Resources and
British Airways.
As previously announced, Stephen King, Caledonia's current
Finance Director, will step down from the board and leave the
Company on 30 November 2018, following the Company's half-year
results. Caledonia's Finance team will report directly to the Chief
Executive pending Tim Livett's arrival.
Commenting on the appointment, Will Wyatt, Caledonia's Chief
Executive, said:
"We are delighted that Tim Livett will be joining our board. His
knowledge and insight gained from his responsibilities at Wellcome,
in particular from his risk and performance oversight of its asset
management division, which manages the Trust's GBP23bn mixed asset
portfolio, will be highly complementary to our management
team."
"I would also like again to extend the board's thanks to Stephen
King for his contribution to Caledonia over his past nine years as
Finance Director and we wish him every success in the future."
Tim Livett said:
"I am thrilled to be joining Caledonia, a company with a unique
approach and proven track record of identifying excellent
investment opportunities to build long-term value. Caledonia has a
long heritage and a bright future and I look forward to working
with Will and the team."
15 November 2018
For further information please contact:
Caledonia Investments
plc +44 20 7802 8080
Will Wyatt,
Chief Executive
Tulchan Communications +44 20 7353 4200
Tom Murray
Lisa Jarrett-Kerr
Notes:
1. There are no disclosures to be made pursuant to LR 9.6.13 in relation to Mr Livett.
2. Mr Livett's remuneration package will be in accordance with
Caledonia's approved remuneration policy and will include the
following:
-- A basic salary of GBP375,000;
-- A bonus opportunity of up to 100% of basic salary, of which
any bonus in excess of 50% of basic salary will be compulsorily
deferred into Caledonia shares for three years under the Company's
deferred bonus plan;
-- An annual award of 150% of basic salary under the Company's
performance share scheme, which will vest based on performance as
to one-third over three years and two-thirds over five years;
-- A pension entitlement (cash allowance or contribution) of 17.5% of basic salary;
-- Other customary benefits, such as private medical cover and death-in-service insurance.
No special sign-on commitments or compensation payments for loss
of benefits from his previous employer will be made in relation to
Mr Livett's appointment.
3. Mr Livett and persons closely associated with him do not hold any shares in Caledonia.
4. Information required by section 430 (2B) of the Companies Act
2006 relating to Mr King's cessation as a director of the Company
is available on Caledonia's website.
END
Notes for editors:
Caledonia Investments plc
Caledonia is a self-managed investment trust company listed on
the London Stock Exchange with net assets of GBP2.0bn as at 31
October 2018. The Company maintains a concentrated portfolio of
international quoted, unquoted and fund investments and has paid an
increasing annual dividend for 51 years.
For additional information on Caledonia, please visit
www.caledonia.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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