McBride PLC Directorate Change and Trading Update (8667X)
02 May 2019 - 4:00PM
UK Regulatory
TIDMMCB
RNS Number : 8667X
McBride PLC
02 May 2019
2 May 2019
McBride plc
Directorate Change and Trading Update
Directorate Change
McBride plc (the "Company") announces that Rik De Vos, CEO, has
informed the Board of his decision to leave the Company. A search
will commence immediately and Rik has advised the Board that he
will remain in position while his successor is being recruited.
John Coleman, Chairman, said:
"Rik has brought a strong vision and laid the foundations of the
Company's transformation through the "Manufacturing our Future"
strategy. I would like to take this opportunity to thank him on
behalf of the Board and colleagues for his contribution. I would
also like to thank Rik for agreeing to assist the Board to ensure a
smooth handover of his responsibilities. The Board wishes him every
success in his future endeavours."
Rik De Vos, CEO, said:
"In recent years, we have achieved much in a challenging trading
environment. We have developed a clear strategy in "Manufacturing
our Future" and delivered clear benefits from implementing the
"Repair, Prepare, Grow" phases. However, I now consider that the
Group requires different leadership to deliver the next phase of
its growth ambitions. I'm confident that I will be leaving McBride
well positioned to realise these ambitions."
An announcement will be made regarding Rik's successor and his
departure date in due course.
Trading update
Following a weak third quarter trading period, the Group now
anticipates that its full year earnings will be modestly lower than
current market expectations, primarily as a result of weaker than
expected sales activity in Germany, France and Italy.
The Group expects to provide a trading update for the 12 months
ending 30 June 2019 in early July.
For further information please
contact:
McBride plc
John Coleman, Chairman
Chris Smith, CFO 0161 203 7570
FTI Consulting
Ed Bridges, Nick Hasell 020 3727 1017
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation which came
into effect on 3 July 2016.
Addendum - CEO Remuneration disclosures
Salary and Benefits
Rik will receive payments during his notice period of six months
in accordance with his contractual entitlement namely base salary,
payments in lieu of pension contributions and benefits. His
benefits consist of a company car, private healthcare, disability
insurance and life cover. Full details of Rik's contractual
entitlements are included in the Remuneration report 2018.
Incentives
Entitlements to any bonus payment for the current financial
year, unvested LTIP entitlements and unvested shares under the
deferred bonus plan lapse with this resignation. Full details of
unvested awards are included in the Remuneration report 2018.
Full details of any relevant payments will be included in the
Directors' Remuneration Report for the relevant year. All payments
to be made in the notice period are in accordance with the
Directors' Remuneration Policy which was approved by shareholders
on 24 October 2017.
-Ends-
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END
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