Virbac: Information on the departure of Sébastien Huron
September 13 2024 - 10:45AM
UK Regulatory
Virbac: Information on the departure of Sébastien Huron
At its meeting on September 13, 2024, the board
of directors acknowledged the resignation of Sébastien Huron,
effective as of September 27, 2024, from his positions as chief
executive officer of Virbac and director of Virbac Limited
(UK).
On the recommendation of the appointments and
compensation committee, the board of directors has decided on the
financial terms of Sébastien Huron's departure, as set out
below.
Fixed compensation for 2024
In accordance with the compensation policy
approved by the shareholders’ meeting on June 21, 2024, the chief
executive officer's fixed annual compensation for 2024 has been set
at a gross amount of €449,440, including €45,000 in respect of his
directorship on the board of directors of Virbac Limited (United
Kingdom). This fixed compensation will be paid until the end of
Sébastien Huron's term of office.
As a result, Sébastien Huron will receive
€303,327 in fixed annual compensation for 2024 in his capacity as
the chief executive officer of Virbac.
In his capacity as a director of Virbac Limited,
Sébastien Huron will receive €33,750 in fixed annual compensation
for 2024, representing a total fixed compensation of €337,077.
Variable compensation for 2024
In accordance with the compensation policy
approved by the shareholders' meeting on June 21, 2024, the chief
executive officer's variable annual compensation for 2024 is
determined on the basis of the achievement of quantifiable and
qualitative performance targets, and may reach €269,664 if 100% of
the objectives are met, representing 60% of his fixed annual
compensation.
The variable compensation will be calculated on
the basis of the prorated fixed annual compensation.
The rate of achievement of the quantitative and
qualitative criteria for Sébastien Huron's variable compensation
for 2024 will be measured by the board of directors in the first
quarter of 2025, following the closing of Virbac's annual financial
statements for 2024, and the amount of variable compensation due to
Sébastien Huron will be determined at that time. The payment of the
variable compensation will be subject to the approval of the
relevant resolution by the shareholders during the meeting to be
held in 2025 to approve the financial statements for the year
ending December 31, 2024.
Performance shares
The board of directors noted that Sébastien
Huron will no longer fulfill the presence requirement attached to
the performance shares awarded under the 2022, 2023 and 2024 plans.
As a result, Sébastien Huron will forfeit all rights under said
plans.
Non-competition clause
Considering that Sébastien Huron had not reached
the age of 60 at the time of his resignation, the conditions for
the application of the non-competition undertaking will be met,
without the board of directors being able to waive the application
of the non-competition obligation.
In accordance with the compensation policy
approved by the shareholders’ meeting on June 21, 2024, in respect
of the non-competition obligation, Sébastien Huron will receive a
monthly indemnity corresponding to 80% of his gross fixed monthly
compensation for the year ended December 31, 2023 (including all
other compensation relating to his offices within the Group), up to
a maximum of €500,000 gross. The monthly indemnity will therefore
amount to €28,266 over 17 months and €19,478 for the
18th month.
Severance pay
The board of directors noted that the conditions
for the payment of a severance pay to Sébastien Huron had not been
met given that his resignation was voluntary. He is therefore not
entitled to any severance pay.
Other benefits
The board of directors has noted that, upon the
end of Sébastien Huron's term of office as chief executive officer,
he will no longer benefit from the benefits granted to him (company
car, health insurance plan, provident and pension schemes and
private unemployment insurance).
Habib Ramdani, Virbac's chief financial
officer and deputy chief executive officer, has resigned from his
position as deputy chief executive officer to be appointed by the
board of directors as chief executive officer for an interim
period, while the process for appointing a new chief executive
officer is conducted. Given the exceptional circumstances and the
transitional nature of this situation, Habib Ramdani will retain
the benefit of his employment contract corresponding to his duties
as chief financial officer (distinct from his mandate as interim
chief executive officer of Virbac), which he will continue to
exercise under the supervision of the chairwoman of the board of
directors.
Focusing on animal health,
from the beginning
At Virbac, we provide innovative solutions to veterinarians,
farmers and animal owners in more than 100 countries around the
world. Covering more than 50 species, our range of products and
services enables to diagnose, prevent and treat the majority of
pathologies. Every day, we are committed to improving animals’
quality of life and to shaping together the future of animal
health.
Press contacts - Agence
Libremullenlowe
|
Anne Da Silva Passos
-a.dasilvapassos@libremullenlowe.fr- 07 60 53 99
28 |
- Press release S.Huron departure conditions September,13,
2024
Virbac (EU:VIRP)
Historical Stock Chart
From Nov 2024 to Dec 2024
Virbac (EU:VIRP)
Historical Stock Chart
From Dec 2023 to Dec 2024
