Intermediate Capital Intermediate Capital Group Plc -- Board Change
October 02 2019 - 1:00AM
UK Regulatory
TIDMICP
Intermediate Capital Group plc (the "Company") -- Board Change
The Board of Intermediate Capital Group (ICG) announces that Lord Davies
of Abersoch has been appointed as a Non-Executive Director and
Chairman-Designate of the Company (both subject to regulatory approval).
Lord Davies will join the Board once regulatory approval is obtained and
will subsequently replace Kevin Parry OBE who, as previously announced,
will step down after ten years of service in accordance with the revised
Corporate Governance Code.
Lord Davies is currently Senior Independent Director of Diageo plc and
Chairman of Corsair Capital LLC, a private equity firm focused on growth
opportunities in financial services. He has extensive experience in the
financial services sector, culminating in his roles at Standard
Chartered as Group Chief Executive and, subsequently, Chairman. In
addition, he has wide-ranging governance experience having served on the
board of a number of significant companies, charities and other bodies.
Lord Davies has operated in many jurisdictions and served as Minister of
State for Trade, Investment and Small Business during the Labour
government of 2009-2010. In September 2010 he was appointed by the UK
government to review gender equality on the boards of listed companies,
delivering a series of reports which helped drive an increase in
diversity across UK boardrooms.
ICG's Nominations and Governance Committee, led by the Senior
Independent Director, Andrew Sykes, conducted the search for a
replacement for Kevin Parry. The Company anticipates that regulatory
clearance will be received later this year, following which Kevin Parry
will step down from the Board after an appropriate handover period and
Lord Davies will at that point assume the role of Chairman.
Andrew Sykes, Senior Independent Director of ICG, said: "We are
delighted to announce the appointment of Lord Davies following a
wide-ranging search. The breadth of his experience, in both public and
private companies, will be of great value to ICG as we continue our
growth strategy. We look forward to him joining the Board."
Lord Davies said: "It is an honour to have been asked to join the Board
of ICG as its Chairman and to succeed Kevin Parry. The Company is very
well positioned, delivering strong growth and over the last 10 years a
total shareholder return of over 1000%. I look forward to working with
the Board and management team to support the continued delivery of their
ambitions. I am grateful to Kevin for his insights into the Group and
wish him well for his next appointment."
Kevin Parry, outgoing Chairman, said: "I am proud of what has been
achieved at ICG during my 10 years on the Board, the last three of which
I have spent as Chairman. It has been thoroughly enjoyable overseeing
the Group's transition to a leading global alternative asset manager on
the verge of entering the FTSE100. Working closely with two CEOs, we
have increased significantly shareholder value. I leave the Company in
the very capable hands of Benoit Durteste and his management team. I
wish the Board and whole ICG team every success for the future."
Lord Davies's other appointments are listed below and no other
information is required to be disclosed pursuant to LR 9.6.13R of the
Listing Rules of the Financial Conduct Authority.
Ends
Contacts:
Ian Stanlake
Investor Relations, ICG plc
D: +44 (0) 20 3201 7880
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ian.stanlake@icgam.com
Andy Lewis
Company Secretary, ICG plc
D: +44 (0) 20 3201 7754
https://www.globenewswire.com/Tracker?data=1rBNjcGQaxLYWxNpCE9SxPygK0e9_H_mmHflxc6JcxbcPi08a0f9L3QlD3JWKn0RjgiGbfcdL2Ex0lczQdVQfktohOuRfWc_SGeGeJXMS70=
andrew.lewis@icgam.com
Alicia Wyllie
Corporate Communications, ICG plc
D: +44 (0) 20 3201 7994
M: +44 (0) 7808 610 080
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Alicia.wyllie@icgam.com
Notes to editors:
Committee Appointments
Lord Davies will become chair of the Nominations and Governance
Committee and a member of the Remuneration Committee from the date on
which he succeeds Kevin Parry as Chairman of the Company.
Interests in shares
As at the date of his this announcement, Lord Davies and his connected
persons do not hold any shares in the Company.
Other selected Non Executive Appointments:
Diageo plc Non Executive
Director and Senior Independent Director
Corsair Capital LLC Chairman
LetterOne Holdings SA Chairman
Selected charities, public bodies and not for profit
World Rugby Executive Committee Member
Lawn Tennis Association Chairman
Glyndebourne Productions Limited Director
UK India Business Council Chair
Selected previous roles
U.K. Minister for Trade, Investment and Small Business and
Infrastructure in 2009-2010
Standard Chartered -- Group Chief Executive 2001-2006 and Chairman
2006-2009
(END) Dow Jones Newswires
October 02, 2019 02:00 ET (06:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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