ConvaTec Group PLC Chief Financial Officer succession (0483V)
December 09 2021 - 1:00AM
UK Regulatory
TIDMCTEC
RNS Number : 0483V
ConvaTec Group PLC
09 December 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
9 December 2021
ConvaTec Group Plc
Chief Financial Officer succession
ConvaTec Group Plc (CTEC:LON) announces that the Company's Board
has mutually agreed with Frank Schulkes that he will step down as
Chief Financial Officer and as a Director of the Company on 11
March 2022. Frank, who has been with the business since August
2017, will remain to support the company and ensure a seamless and
orderly transition.
Jonny Mason has been appointed as Group Chief Financial Officer
(Designate) with effect from 31 January 2022, becoming Chief
Financial Officer and a Director of the Company from 12 March
2022.
Jonny Mason is a seasoned CFO with an extensive track record in
publicly listed and international businesses. He brings strong
experience in strategic enterprise transformation and a customer
orientation. He was Chief Financial Officer of Dixons Carphone Plc,
now known as Currys Plc, between 2018-2021. Before that he was CFO
of Halfords Plc from 2015 and was interim Chief Executive Officer
between September 2017 and January 2018. Other roles include being
CFO of Scandi Standard AB, CFO at Odeon and UCI Cinemas and Finance
Director of Sainsbury's Supermarkets. Jonny is an engineer and
accountant by training and his early career included finance roles
with Shell and Hanson Plc.
Karim Bitar, Chief Executive Officer, ConvaTec Group Plc ,
said:
"On behalf of the Board and my colleagues, I would like to take
this opportunity to thank Frank. Under his leadership the finance
function has improved, we have stood up the Global Business Service
Centre and have strengthened the balance sheet. He has made an
important contribution to the Group and provided strong leadership
during our transformation as we have started pivoting towards
sustainable and profitable growth. We wish him every future
success.
"I am delighted to welcome Jonny to ConvaTec. He brings a strong
track record of driving growth through transformation and joins us
at an exciting point on our journey. He has deep financial acumen
and has successfully delivered large complex business
transformations in rapidly changing environments. Jonny also has
extensive experience leading high-quality Finance and IT teams. I
look forward to working with him to bring our vision to life,
pioneering trusted medical solutions to improve the lives we
touch."
Frank Schulkes , Chief Financial Officer, said:
"It has been a privilege to work at ConvaTec for the last four
years. The company has made significant progress in its
transformation and growth. I would like to take this opportunity to
thank all my colleagues and wish ConvaTec every success for the
future. I will be supporting Jonny as he settles in over the coming
months and helping to ensure a smooth and effective
transition."
Jonny Mason , Chief Financial Officer (Designate), said:
"I am delighted to be joining ConvaTec as it continues pivoting
to sustainable and profitable growth and as it pioneers trusted
medical solutions to improve lives. I am excited by the significant
potential ahead of the Company."
Enquiries:
Analysts and Investors
Kate Postans, Vice President, Investor Relations +44 (0)7826 447
807
ir@convatec.com
Media
Buchanan: Chris Lane +44 (0)207 466 5000
Notes:
Frank Schulkes will remain available to assist the Company with
the transition until he leaves on 8 December 2022. The remuneration
details relating to his departure will be in line with his
contractual entitlement and are consistent with the Company's
Remuneration Policy. The Group will provide these details on
ConvaTec Group's website and in the Company's Directors'
Remuneration Reports in accordance with the Company's statutory
obligations.
As incoming Chief Financial Officer, Jonny Mason's annual salary
will be GBP500,000 per annum and his pension contribution will be
8.5% of salary, in line with the UK workforce. Consistent with the
Company's Remuneration Policy he will have a maximum bonus
opportunity of 200% of salary (with 1/3rd of any earned bonus
deferred into shares for three years) and participate in the
long-term incentive plan with an annual grant value of up to 250%
of salary, subject to performance conditions measured over a
three-year period with a further two-year holding period. Jonny
will be expected to build and maintain a shareholding equivalent of
at least 300% of salary over time. Full details of Mr Mason's
remuneration arrangements will be set out in the 2021 Directors'
Remuneration Report, which will be published in March 2022.
This announcement is made pursuant to LR 9.6.11 of the Listing
Rules. There is no further information to be disclosed under the
requirements of LR 9.6.13 (2) to (6) of the Listing Rules in
relation to Jonny Mason's appointment.
The person responsible for this announcement on behalf of
ConvaTec Group Plc is Evelyn Douglas, Executive Vice President,
Chief of Strategy and Business Development, General Counsel and
Company Secretary.
About ConvaTec Group Plc
ConvaTec is a FTSE 250 global medical products and technologies
company focused on solutions for the management of chronic
conditions, with leading market positions in advanced wound care,
ostomy care, continence and critical care, and infusion care. We
have more than 10,000 colleagues in over 100 countries. Our vision
is pioneering trusted medical solutions to improve the lives we
touch. Our products provide a range of clinical and economic
benefits including infection prevention, protection of at-risk
skin, improved patient outcomes and reduced total cost of care.
Group revenues in 2020 were over $1.894 billion. To learn more
about ConvaTec, please visit http://www.convatecgroup.com
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