Chesnara PLC Directorate Change (1378H)
02 August 2021 - 4:00PM
UK Regulatory
TIDMCSN
RNS Number : 1378H
Chesnara PLC
02 August 2021
CHESNARA plc
("Chesnara" or "the Company")
02 August 2021
LEI Number: 213800VFRMBRTSZ3SJ06
CHESNARA PLC CHANGE OF DIRECTORSHIP
and REMUNERATION ARRANGEMENTS FOR CEO-ELECT
On 12 May 2021, Chesnara announced that John Deane intended to
retire from the Company and to step down as Group Chief Executive
by the end of the year. Chesnara also announced that it had
identified Steve Murray as intended successor to the role of Group
Chief Executive.
Steve Murray has today been appointed an Executive Director of
Chesnara and Countrywide Assured plc. Upon securing regulatory
approval, he will become Chesnara's Group Chief Executive.
Steve held a number of awards under the various incentive plans
of his previous employer, The Royal London Mutual Insurance
Society, and replacement awards will be granted upon his
appointment as Group Chief Executive in line with Chesnara's
Remuneration Policy.
- A cash payment will be made to Steve upon appointment to
compensate for the value of his 2018 Royal London STIP which was
forfeited on cessation.
- He will be granted buy-outs of other Royal London awards using
the approved Chesnara Long Term Incentive- and Short Term
Incentive- schemes. Steve's 2021 Royal London STIP will be met
through the Chesnara Short Term Incentive Scheme, with 65% to be
paid in cash to the extent it vests in April 2022 and 35% as share
options deferred in line with the scheme. In the case of the Royal
London long term incentives, the Chesnara grants will be struck at
the closing price on the day that his regulatory approval is
received. Should Chesnara be in a Closed Period at that time, these
grants will be struck at the closing price of the first day's
trading after that Closed Period comes to an end.
Full disclosure of these remuneration arrangements will be
provided in the Directors' Remuneration Report to be published in
2022.
For further information, please contact:
Roddy Watt
Director, Capital Markets
FWD
Forward thinking communications
T - 020 7280 0651
E - roddy.watt@fwdconsulting.co.uk
Notes to Editors
Chesnara is a life and pensions company listed on the London
Stock Exchange. It administers over one million policies and
operates as Countrywide Assured in the UK, as The Waard Group and
Scildon in the Netherlands, and as Movestic in Sweden.
Following a three-pillar strategy, Chesnara's primary
responsibility is the efficient administration of its customers'
life and savings policies, ensuring good customer outcomes and
providing a secure and compliant environment to protect
policyholder interests. It also adds value by writing profitable
new business in Sweden and the Netherlands and by undertaking
value-adding acquisitions of either companies or portfolios.
Consistent delivery of the Company strategy has enabled Chesnara
to increase its dividend for 16 years in succession.
Further details are available on the Company's website (
www.chesnara.co.uk ).
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
BOARMMATMTAJBIB
(END) Dow Jones Newswires
August 02, 2021 02:00 ET (06:00 GMT)
Chesnara (LSE:CSN)
Historical Stock Chart
From Apr 2024 to May 2024
Chesnara (LSE:CSN)
Historical Stock Chart
From May 2023 to May 2024