TIDMAUTO
RNS Number : 3220X
Auto Trader Group plc
29 April 2019
29 April 2019
AUTO TRADER GROUP PLC
BOARD CHANGES
Auto Trader Group PLC (LSE: AUTO, "Auto Trader" or the
"Company"), the UK's largest digital automotive marketplace,
announces that Trevor Mather, Chief Executive Officer ("CEO"), has
notified the Board of his intention to retire from his position as
CEO and as a director on 31 March 2020.
In line with the Company's long-term succession planning, Nathan
Coe, who is currently Auto Trader's Chief Operating Officer ("COO")
and Chief Financial Officer ("CFO"), will be promoted to the role
of CEO-designate with effect from 1 May 2019 and will continue to
be responsible for finance until taking over the CEO role full time
following Trevor's departure in March 2020. Jamie Warner, who is
currently Auto Trader's Deputy CFO, will be promoted to
CFO-designate with effect from 1 May 2019. He will not join the
Board immediately, but the intention is that he will do so in due
course. Catherine Faiers, who is currently Auto Trader's Operations
Director, will be promoted to COO from 1 May 2019, when she will
also join the Board.
Commenting on the changes, Ed Williams, Chairman of Auto Trader,
said:
"Trevor has made a phenomenal contribution to Auto Trader's
success over the last six years. In addition to leading the hugely
successful IPO, he has overseen a period of consistently strong
financial results and shareholder returns whilst also working
tirelessly to build a unique and values-led culture. The fact that
we are able to promote from within to replace him, as well as the
other senior roles around him, is clear testament to the strength
of the team that he has developed and nurtured. We greatly
appreciate everything that Trevor has done for the business, and
the manner in which he has done it. We wish him the very best for
the future.
"We are extremely fortunate to have such a natural and
outstanding replacement for Trevor in the form of Nathan Coe.
Nathan joined Auto Trader in 2007 to oversee the transition from a
magazine business to being a purely digital company. He has been
instrumental in shaping Auto Trader into one of the UK's leading
digital businesses, and the Board is confident that he will be a
worthy successor as CEO.
"We are also delighted to welcome Catherine Faiers to the Board
as COO. Catherine joined Auto Trader in 2017, having previously
been COO at Addison Lee, and is jointly responsible for the
day-to-day operations of the business, working closely alongside
Nathan. Jamie Warner has been with the business since 2012 in a
range of finance functions and is currently Deputy CFO. We look
forward to him succeeding Nathan as CFO and joining the Board in
due course. Again, we are very lucky to have two such obvious and
talented candidates internally."
Trevor Mather, CEO of Auto Trader, said:
"It has been the greatest privilege of my career to be at the
helm of Auto Trader. It's an outstanding business, and I want to
thank every one of the wonderful employees who have helped to
create the successful Company that it is today. Nathan has
effectively been running the business alongside me since 2017. He
is more than ready to lead the Company and I am proud and lucky to
have worked with him. I look forward to supporting the team over
the coming year, and to watching Auto Trader's continued success
beyond that.
"The time has come for me to give back. In particular to my
close family who have made incredible sacrifices to support me, but
also to other causes and sections of the broader community that I
feel I can help."
Board Composition
Following these changes, the Board will comprise three
Independent Non-Executive Directors, three Executive Directors and
the Non-Executive Chairman. The composition of the Board is
therefore compliant with the provision of the UK Corporate
Governance Code that at least half the Board (excluding the
Chairman) should be independent.
As Trevor's retirement date has been set as the end of the
current financial year, on 31 March 2020, he will be standing for
re-election at the Annual General Meeting to be held on 19
September 2019.
Remuneration arrangements
By mutual agreement, Trevor Mather's retirement date has been
set at 31 March 2020 which materially reflects his 12-month notice
period. Trevor will continue to receive his normal base salary,
pension and benefits until his retirement on 31 March 2020. No
payments will be made to Trevor in relation to the ending of his
employment.
On the recommendation of the Remuneration Committee, the Board
has determined that Trevor will be treated as a "good leaver" in
respect of the Annual Bonus, the Company's Performance Share Plan
(PSP) and the Deferred Annual Bonus Plan (DABP).
In accordance with the scheme rules, outstanding PSP awards will
vest to the extent that targets are met. They will be pro-rated for
time elapsed since grant and will vest on the normal vesting dates.
By mutual agreement, Trevor has asked to waive any entitlement to
receive further awards under the PSP. Outstanding DABP Awards will
vest in full on the normal vesting dates.
Trevor will continue to be eligible to receive an Annual Bonus
in relation to the financial year ended 31 March 2019, payable to
the extent that targets set out in the bonus plan are met and
settled half in cash and half in shares. Trevor will also be
eligible to receive an Annual Bonus in relation to the financial
year ending on 31 March 2020, payable to the extent that targets
set out in the bonus plan are met and paid on the date when paid to
other members of the bonus scheme. He will not be required to
convert part of the 2020 bonus into shares in the Company, as
specified in the scheme. However, Trevor has voluntarily undertaken
to retain shares equivalent to 200% of his salary, for a minimum of
two years post leaving, which is beyond the existing requirements
of the Company's policy.
Further details will be included in the 2019 Annual Report which
will be published in June 2019, and a statement will be made in
accordance with section 430 2(B) of the Companies Act 2006 in due
course.
Nathan Coe's remuneration package will remain unchanged at
present but will be reviewed when he becomes CEO and Trevor Mather
retires from the Board in March 2020.
Catherine Faiers' service contract, remuneration and benefits
will be consistent with Auto Trader's Directors' Remuneration
Policy as approved by shareholders at the 2018 AGM, and the details
of her remuneration package will be included in the 2019 Annual
Report which will be published in June 2019. There are no
disclosures required in respect of the appointment of Catherine
Faiers under paragraph 9.6.13 of the Listing Rules of the Financial
Conduct Authority.
Auto Trader will report on its full year results for the
financial year ending on 31 March 2019 on 6 June 2019.
To view the team's biographies, please visit
https://plc.autotrader.co.uk/who-we-are/the-teams/
Media Enquiries:
Powerscourt +44 (0)20 7250 1446
autotrader@powerscourt-group.com
About Auto Trader
Auto Trader Group plc is the UK and Ireland's largest digital
automotive marketplace. Auto Trader sits at the heart of the UK's
vehicle buying process and its primary activity is to help vehicle
retailers compete effectively on the marketplace in order to sell
more vehicles, faster. Auto Trader listed on the London Stock
Exchange in March 2015 and is a member of the FTSE 100 Index. The
marketplace brings together the largest and most engaged consumer
audience. Auto Trader has over 90% prompted brand awareness and
attracts circa 55 million monthly cross platform visits each month,
with over 70% of visits coming through mobile devices. The
marketplace also has the largest pool of vehicle sellers (listing
around 450,000 cars each day). Over 80% of UK automotive retailers
advertise on autotrader.co.uk.
For more information, please visit
http://about-us.autotrader.co.uk
Market abuse regulation
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014. Auto Trader Group plc
Legal Entity Identifier: 213800QLK9BZILB1DI86. Notification by
Claire Baty, Company Secretary
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
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contact rns@lseg.com or visit www.rns.com.
END
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