KCOM Group PLC Directorate Change (4768Z)
May 27 2016 - 1:01AM
UK Regulatory
TIDMKCOM
RNS Number : 4768Z
KCOM Group PLC
27 May 2016
KCOM Group PLC
Directorate Change
Together with its full-year results announcement today, KCOM
Group PLC (the "Company") is announcing that having recently led
the successful sale of the Group's national network infrastructure
and played an integral part in transforming the Company over recent
years, Paul Simpson, its Chief Financial Officer, will be leaving
the business later this year.
Graham Holden, Chairman, said "Paul has been a member of the
Board since 2004 and has played a key role in the successful
development of the business over that time. On behalf of the Board,
I would like to thank Paul for his invaluable contribution and to
wish him all the best for the future."
Bill Halbert, Chief Executive, said "I've worked closely with
Paul for the past seven years. During that time, he has made an
immense contribution to the growth in our financial strength and
strategic position and I want personally to thank him for that
contribution and commitment and to wish him every success in the
future."
Paul Simpson commented "I have had over fifteen hugely enjoyable
years with KCOM, twelve of which have been served on the Board. The
business has changed and progressed very significantly during that
time and I feel that it is now the right moment for me to seek a
new challenge. The business is both strategically and financially
well placed to continue its journey and I look forward to seeing
its continued success."
Mr Simpson has agreed to remain with the business to oversee the
handover of his role and a recruitment process will begin
immediately to find his successor. It is anticipated that
Mr Simpson will continue as a Director until 30 September 2016,
and therefore will stand for re-election at the AGM on 22 July
2016. His notice period of 12 months begins from the date of
today's announcement. No payments for loss of office will be made
and the maximum payments that may be made during Mr Simpson's
notice period are as set out below:
Salary and Benefits
Mr Simpson will continue to receive his base salary and
benefits, including retirement benefits, until the earlier of 26
May 2017 or the date on which he obtains alternative employment, in
which case, the amount payable by the Company will be reduced by
the amount of the alternative income. His current base salary is
GBP262,126 but this may be subject to an annual pay increase
in-line with the rest of the workforce, which would be effective
from 1 July 2016. Further information on this will be available in
the Directors' Remuneration Report which will be published shortly
in the Report & Accounts. His taxable benefits currently total
GBP17,000 per annum and consist of private medical insurance,
income protection, life assurance, a car allowance, a fully
expensed fuel card, medical screening and the opportunity to
participate in the all-employee Share Incentive Plan. His
retirement benefits are equivalent to 20 per cent of his base
salary.
Annual Bonus
An annual bonus for the 2015-16 financial year has been
triggered under the business-wide bonus scheme. In accordance with
the Remuneration Policy, the Remuneration Committee has agreed that
Mr Simpson will receive this bonus, which is payable in July 2016,
given the contribution that Mr Simpson made to the business
throughout the 2015-16 financial year. Further information on
details of the bonus scheme, and the amount payable, will be
included in the Directors' Remuneration Report.
For the 2016-17 financial year Mr Simpson will be eligible to
participate in the bonus scheme to the date on which his active
service ceases, in accordance with the Directors' Remuneration
Policy and subject to the discretion of the Remuneration Committee
when reviewing the performance of the business over the same
period.
Long Term Incentives
Mr Simpson received awards under the KCOM LTIP scheme in July
2013, July 2014 and December 2015. The performance periods for
these schemes end in July 2016, July 2017 and December 2018
respectively. As a good leaver, Mr Simpson will be entitled to
receive any shares that vest under the scheme, pro-rated to the
date of his leaving. The actual amount of shares will therefore be
calculated on each vesting date, in so far as vesting conditions
are met at that time. Full details will be disclosed in the
Directors' Remuneration Reports in 2017, 2018 and 2019. Further
details of the operation of the LTIP can be found in the Directors'
Remuneration Report which will be published shortly in the Report
& Accounts.
Enquiries:
Kathy Smith
Company Secretary
01924 882501
This information is provided by RNS
The company news service from the London Stock Exchange
END
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