PZ CUSSONS PLC Directorate Change (0256B)
05 January 2018 - 3:41AM
UK Regulatory
TIDMPZC
RNS Number : 0256B
PZ CUSSONS PLC
04 January 2018
PZ Cussons Plc ("the Company")
Section 430(2B) Companies Act Statement - Chris Davis
As announced on 25 July 2017, in connection with his retirement
Chris Davis stepped down from the Board on 27 September 2017 and
ceased employment with the Company on 31 December 2017.
For the period from stepping down from the Board until his
cessation of employment Chris Davis continued to receive his salary
and benefits in accordance with the terms of his contract.
The following payments were made in connection with his
retirement:
Payment in Lieu of Notice
Chris Davis will not serve his full twelve months' notice period
and, as part of an agreed retirement process and orderly handover
of responsibilities, instead he received a payment equal in value
to two months' basic pay.
Annual Bonus
No bonus will be payable in relation to the financial year
ending 31 May 2018. In accordance with scheme rules, an award of
26,017 deferred shares from his annual bonus for the year ending 31
May 2017 vested on cessation of employment.
Performance Share Plan awards
All Chris Davis's outstanding Performance Share Plan awards
lapsed.
Accrued but Untaken Holiday Pay
Chris Davis received payment in relation to accrued but untaken
holiday.
Pension
Chris Davis was a member of an unapproved unfunded defined
benefit pension scheme. In line with past practice, the Company has
agreed to make a cash lump sum payment to Chris Davis to settle all
obligations under the scheme. Accordingly, a gross cash payment of
GBP279,000 was made on cessation of employment, calculated on the
basis of independent actuarial advice and in line with HMRC
guidance.
Other payments
The Company met the cost of shipping personal goods and two
flights for his return to his native Australia.
Ends
For further information please contact:
Sam Plant, Company Secretary +44 (0161) 4351000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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