TIDMWOSG
RNS Number : 8137J
Watches of Switzerland Group PLC
26 August 2021
Watches of Switzerland Group PLC
Directorate Change
Watches of Switzerland Group PLC ("the Group" or "the Company")
today announces the appointment of William "Bill" Floydd as Chief
Financial Officer (CFO) of the Group. Bill will succeed Anders
Romberg who has informed the Board of his intention to retire from
the Group after seven years in the role.
The effective date of Bill's appointment as director and CFO
will be announced in due course and Anders will remain with the
Group as a director and CFO until then. He will leave the Group
following a handover period.
Bill will join the Company from The Rank Group Plc, the FTSE 250
international gaming, leisure, and entertainment group, where he
has held the role of CFO since November 2018. At Rank Bill has made
a major contribution to its transformation and in the last 18
months has led several financing initiatives to ensure Rank has
been able to weather the pandemic.
Prior to his role at Rank, Bill was CFO at FTSE 100 Experian
Plc's UK and Ireland region for over five years where he
contributed to strong revenue and EBIT growth while overseeing a
range of M&A activity and Experian's FCA authorisation process.
Before this, Bill spent 12 years in a variety of leadership
positions at Logica Plc. Bill is a chartered accountant, having
qualified with PwC.
Brian Duffy, CEO, said: "I am delighted to welcome Bill as our
incoming CFO and look forward to working with him when he joins us.
He brings a wealth of senior financial expertise and leadership
qualities, and the Group will benefit greatly from his
experience."
"On behalf of the Board, I would like to thank Anders for the
significant contribution he has made to the business as our CFO
since 2014, including to our successful IPO in 2019 and subsequent
growth as a listed company. Personally I would like to add that
Anders has been a strong partner to me and has played a key
leadership role in the transformation of our business. Anders
leaves the Group in a strong financial position and we wish him all
the very best for the future."
Bill Floydd said: "I am delighted to be joining the Watches of
Switzerland Group at such an exciting phase of its growth, and look
forward to working closely with Brian, the Board and the wider team
in continuing to deliver on the Group's strategy."
Anders Romberg, CFO, said: "I have greatly enjoyed being part of
the Watches of Switzerland Group during a transformational period
in the company's history. Working alongside Brian and the entire
organisation through an investment-driven transformation period and
a successful IPO two years ago has been a career highlight. I will
leave behind an immensely capable and hard-working team which I
have no doubt will continue to deliver on the Group's strategic
priorities and long-range growth plan."
Contacts
The Watches of Switzerland Group
Allegra Perry, Investor Relations +44 (0) 20 7317 4600
investor.relations@thewosgroup.com
Headland
Lucy Legh / Rob Walker +44 (0) 20 3805 4822
wos@headlandconsultancy.com
Supplementary information
-- Bill Floydd's base salary will be GBP380,000 per annum and he
will receive a cash pension allowance of 3% of base salary. His
maximum annual bonus will be 125% of base salary and his maximum
annual performance share plan award will be 175% of base salary
which are within the limits set out in the Group's Directors'
Remuneration Policy, approved by shareholders.
-- Bill Floydd will be required to build up and maintain a
minimum shareholding equal to 200% of base salary within five years
of commencing his employment at the Group.
-- In accordance with best practice both the bonus and LTIP
contain malus and clawback provisions that will allow the Group to
recover or withhold value in the event of certain defined
circumstances.
-- Bill Floydd will also receive awards in the Group's shares to
compensate for the share awards he is forfeiting on leaving his
previous employer. These will remain subject to performance
conditions where appropriate and reflect the value of the forfeited
awards. The vesting timeline of the replacement awards will be the
same as those which apply to the forfeited awards. More details of
the remuneration package and buyout arrangements will be provided
in the Group's FY22 Remuneration Report.
-- The Group confirms that there is no further information to be
disclosed under the requirements of Listing Rule 9.6.13R.
About the Watches of Switzerland Group
The Watches of Switzerland Group is the UK's largest luxury
watch retailer, operating in both the UK and US, comprising four
prestigious brands; Watches of Switzerland (UK and US), Mappin
& Webb (UK), Goldsmiths (UK) and Mayors (US), with a
complementary jewellery offering.
As at 1 August 2021, the Watches of Switzerland Group has 153
stores across the UK and US (including 42 dedicated mono-brand
stores in these two markets in partnership with Rolex, TAG Heuer,
OMEGA, Breitling, Audemars Piguet, Tudor and FOPE) and has a
leading presence in Heathrow Airport with representation in
Terminals 2, 3, 4 and 5 as well as six transactional websites.
The Watches of Switzerland Group is proud to be the UK's largest
retailer for Rolex, Cartier, OMEGA, TAG Heuer and Breitling
watches.
Mappin & Webb holds Royal warrants as goldsmiths,
silversmiths and jeweller to Her Majesty The Queen and silversmiths
to His Royal Highness The Prince of Wales. The Mappin & Webb
master jeweller has been Crown Jeweller, custodian of the Crown
Jewels of Her Majesty The Queen since 2012.
https://www.thewosgroupplc.com
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