Travis Perkins PLC Travis Perkins Plc : Directorate Change
20 September 2016 - 5:30PM
UK Regulatory
TIDMTPK
TRAVIS PERKINS PLC - PROMOTION OF CFO TO GROUP COO AND APPOINTMENT OF
NEW GROUP CHIEF FINANCIAL OFFICER
The Board of Travis Perkins PLC places great importance on management
succession throughout the business and planning well in advance at the
most senior levels in the Group. As part of its longer term planning,
the Company announces the following changes:
Tony Buffin is promoted from the role of Chief Financial Officer to
Chief Operating Officer. In his new role Tony will have line
responsibility for the Plumbing and Heating Division as well as leading
the development of Toolstation in the UK and Europe and will continue to
play a pivotal role as an executive director on the Board.
Alan Williams will join the Group as Chief Financial Officer, replacing
Tony and reporting to John Carter. Alan will join the Board as an
executive director with effect from 3rd January 2017.
Alan has a broad range of experience in both corporate and operational
roles within large, complex and global public businesses. Currently the
CFO at Greencore, Alan has played an important role as part of the team
developing the business and increasing the market value from GBP200m to
GBP1.4b over 5 years. His earlier career was spent with Cadbury
Schweppes in a variety of commercial and operational finance roles in
the UK, France and the USA. His most recent position there was Global
Corporate Finance Director. Alan brings with him a strong background in
leading strategic initiatives, mergers and acquisitions, integration and
business transformation. He is a qualified accountant and treasurer.
Robert Walker, Non-Executive Chairman Travis Perkins PLC commented:
"On behalf of the Board and all stakeholders I would like to
congratulate Tony on his promotion; since joining the Group Tony has
developed a high quality finance team across the organisation, helped
drive and articulate our strategy for growth and our focus on returns,
built strong relationships with our shareholders and analyst communities
and significantly improved the cash and funding position of the Group".
"I am delighted that Alan Williams is joining the Travis Perkins Board.
We are fortunate that we have been able to attract such a strong senior
finance professional with broad experience across multiple sectors. The
Board is confident that Alan will contribute further to the development
of the Group and returns to shareholders and we look forward to
welcoming him to the team".
There is no other information required to be disclosed pursuant to LR
9.6.13R in respect of Alan Williams.
Enquiries:
Matt Johnson
matt.johnson@travisperkins.co.uk
+44 (0) 7584 491 284
Tulchan Communications
David Allchurch
DAllchurch@tulchangroup.com
+44 (0) 207 353 4200
Alan Williams' remuneration arrangements
Alan William' service contract, remuneration and benefits will be
consistent with the Travis Perkins Directors' Remuneration Policy
approved by shareholders at the Annual General Meeting held on 28 May
2014. The summary of the key terms is provided here and further detail
will be set out in the Directors' Remuneration Report.
-- Salary, pension and benefits - Alan's salary will be GBP500,000 per annum,
his pension contribution will be 25% of base salary and his benefits will
be inSHYline with those set out in our remuneration policy.
-- Performance incentives - These remain unchanged from the approved
arrangements for the current CFO,Tony Buffin. His maximum annual bonus
will be 150% of base salary and he will receive a maximum award of 150%
of base salary under the performance share plan. Alan will also be
eligible to invest up to 50% of his postSHY-tax salary under the
co-SHYinvestment plan and receive a maximum matching award of up to 100%
of salary. Alan will participate in these incentive arrangements for
2017 and awards will be subject to the same performance measures as other
Directors.
-- Forfeited incentives - On leaving his current employer Alan forfeited
outstanding incentives under the deferred bonus and performance share
plans. The Committee determined that it was appropriate to 'buy-SHYout'
these incentives. The buy-SHYout awards have been structured as far as
possible to be on a 'like for like' basis with awards forfeited in
accordance with our remuneration policy.
-- Deferred bonus shares1- Alan will be granted an award of shares with a
value of c.GBP629,000 (the value of awards forfeited3). These shares
will vest in December 2017 and December 2018 in line with the vesting
timing for the forfeited awards. These shares will be subject to
continued employment and have no further performance conditions
(reflecting the terms of the forfeited awards).
-- Performance share plan2 - Alan will also be granted an award of shares
with a value of c.GBP806,000 (the value of awards forfeited3). Prior to
these awards being granted Alan has agreed to invest c.GBP403,000 (half
the value of the grant award3) of his own cash in Company shares and to
retain these for the vesting period. These shares will vest 12 months
and 24 months after the award is made and will be subject to continued
employment and the achievement of stretching role specific objectives
over these periods. Further details of the performance measures attached
to awards will be set out in the Directors' Remuneration Report.
Tony Buffin's remuneration arrangements will remain unchanged in his
role as COO.
1. Compensating deferred shares awarded in respect of 2014 and 2015 (vesting
2017 and 2018 respectively)
2. Compensating performance share awards made in 2014 and 2015 (vesting
December 2017 and 2018 respectively). An assumed vesting rate of 80% is
applied based on an estimate of vesting for these awards.
3. Based on an indicative Greencore share price of 3.46p. Actual value used
will be the average mid-market share price from the date of announcement
and the commencement of employment with Travis Perkins.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Travis Perkins PLC via Globenewswire
http://www.travisperkinsplc.co.uk/
(END) Dow Jones Newswires
September 20, 2016 03:30 ET (07:30 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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