Grainger PLC Chief Financial Officer Appointment (4967P)
February 18 2021 - 1:00AM
UK Regulatory
TIDMGRI
RNS Number : 4967P
Grainger PLC
18 February 2021
18 February 2021
Grainger plc
("Grainger", the "Group", or the "Company")
Notice of Directorate Change
Chief Financial Officer Appointment
Grainger plc, the UK's largest listed residential landlord, is
pleased to announce that Robert Hudson is to be appointed as its
next Chief Financial Officer ("CFO").
Rob is currently Chief Finance and Operations Officer of St.
Modwen Properties plc and from April 2020 was the Interim Chief
Executive, relinquishing this role when the new CEO joined in
November. He has over 26 years' experience in finance and real
estate; immediately prior to St. Modwen he was Group Financial
Controller at FTSE 100 REIT, British Land Co plc, from 2011-2015.
From 2000-2011 he held senior financial roles at Experian plc,
including Global Finance Director of its Decision Analytics
business and UK Finance Director. He is a qualified Chartered
Accountant from PwC.
Rob, who will join Grainger as an Executive Director on the PLC
Board, is expected to start later this year. He will succeed
Vanessa Simms, who informed the Board in October 2020 of her
intention to step down as CFO during 2021.
Helen Gordon, Chief Executive of Grainger, said:
"We are delighted that Rob will be joining Grainger as our next
CFO. His extensive experience and expertise within the UK real
estate sector will bring a valuable contribution to Grainger as we
continue to invest responsibly, drive growth and continually
improve the business, while delivering strong results and
attractive shareholder returns. On behalf of the Board and all of
my colleagues, I welcome Rob to Grainger and look forward to
working with him."
Rob Hudson said:
"I am delighted to be joining Grainger at this important time in
the growth of the company. Grainger has a leading position as the
UK's largest listed residential landlord and is central to the UK's
housing agenda of delivering high quality rental homes. I am
looking forward to being part of the Grainger team and playing a
key role in the pursuit of its well-established growth
strategy."
There are no other matters to disclose under Listing Rule
9.6.13.
-Ends-
Remuneration Arrangements for Rob Hudson
Rob Hudson's service contract and remuneration will be
consistent with Grainger's Directors' Remuneration Policy approved
by shareholders at the 2020 Annual General Meeting. A summary of
the key terms is set out below.
Base salary, benefits and pension
Rob will receive a base salary of GBP410,000 and benefits
including a car allowance (or equivalent cash supplement) of
GBP15,000, eligibility for private health care, life assurance of
4x base salary and permanent health insurance. He will also receive
a cash pension allowance of 10% of base salary, which is in line
with the pension rate applicable to the wider workforce and
recognises best practice under the UK Corporate Governance Code and
investor guidelines.
Annual bonus and long-term incentives
Rob's will be eligible to participate in the annual bonus scheme
with a maximum opportunity of 120% of base salary. The bonus will
be pro-rated to reflect actual service during the year.
Rob will be eligible to participate in the Grainger Long Term
Incentive Plan (LTIP) with a maximum annual award of 175% of base
salary in line with our current policy.
Replacement awards
In order to replace incentive awards from his current employer
that will lapse or not be awarded as a consequence of his
appointment with Grainger, Rob will receive shares in Grainger plc
or replacement awards of equivalent value to the amounts forfeit.
These awards will vest or be released when the forfeit amounts
would have vested or been paid, subject normally to being still
employed. Replacement LTIP awards will be subject to minimum
additional holding periods and where any of these forfeit amounts
were subject to performance hurdles these will remain or be
replaced by Grainger performance requirements.
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END
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