Marks & Spencer Group PLC Directorate Change (5983J)
13 September 2016 - 12:37AM
UK Regulatory
TIDMMKS
RNS Number : 5983J
Marks & Spencer Group PLC
12 September 2016
Issued: 12 September 2016
Marks and Spencer Group plc announces
the departure of Laura Wade-Gery
M&S today announces that it has agreed with Laura Wade-Gery
that, following her maternity leave, Laura will not be returning to
her position as Executive Director, Multi-Channel, and will be
leaving the company at the end of September. Laura will step down
from the Board with immediate effect. There are no further changes
to the previously announced responsibilities covering her
maternity.
Commenting on the announcement, Robert Swannell, Chairman of
Marks and Spencer Group plc, said: "On behalf of the Board, I would
like to thank Laura very much for the significant contribution she
has made in her five years at M&S. Laura has been a valued
member of the Board and instrumental in the improvement and
modernisation of our ecommerce and multi-channel capabilities. We
wish her all the very best for the future."
Steve Rowe, Chief Executive, said: "Laura has been a great
colleague and has achieved much in her role heading our
multi-channel business. I am grateful to Laura for her contribution
and she leaves M&S with my personal thanks and best
wishes."
Laura Wade-Gery said: "I have had five very happy years at
M&S. I've been away from the business for a year now, and that
time has seen some significant changes in both my personal life and
in the business. I concluded that the time was right to move on
from M&S. I wish Steve and all my colleagues and friends every
success".
Remuneration:
The following information is provided in accordance with section
430(2B) of the Companies Act 2006:
-- Laura Wade-Gery's remuneration terms will be in line with the
key provisions for contract termination as per Marks and Spencer
Group plc's Executive Remuneration Policy approved by shareholders
in 2014.
-- Laura will receive monthly payments of up to a maximum of
eight months' salary and benefits, subject to mitigation.
-- Any unvested nil-cost options awarded to Laura Wade-Gery
under the Deferred Share Bonus Plan will vest in full on
termination and may then be exercised in accordance with the Plan
rules.
-- Any unvested nil-cost options awarded under the Performance
Share Plan will be time pro-rated and will vest, subject to
performance conditions on a wait and see basis at the normal
vesting date and may then be exercised in accordance with the Plan
rules.
-- Laura Wade-Gery will not be eligible to participate in the
Annual Bonus or Performance Share Plan awards for 2016/17.
-- Further details of the operation of the Deferred Share Award
and Performance Share Plan are set out in the Directors'
Remuneration Report in our Annual Report and Financial Statements
2016. Full disclosure of these remuneration arrangements will be
provided in our Directors' Remuneration Report in 2017.
- Ends -
For further information, please contact:
Corporate Press Office: +44 (0)20 8718 1919
Out of hours calls: +44 (0)20 8718 2000
Investor Relations:
Fraser Ramzan +44 (0)20 8718 4625
Helen Cox +44 (0)20 8718 8491
This information is provided by RNS
The company news service from the London Stock Exchange
END
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