RPS Group PLC Chief Executive Succession (4733F)
May 18 2017 - 1:01AM
UK Regulatory
TIDMRPS
RNS Number : 4733F
RPS Group PLC
18 May 2017
RPS Group plc
("RPS" or "the Group")
Chief Executive Succession
RPS announces that Dr Alan Hearne will retire from his role as
Chief Executive of RPS shortly after the publication of the Group's
half year results in August and that he will step down from the
Board on 31 August 2017. John Douglas will be joining RPS and its
Board on 1 June 2017 and following a period of transition will
become Chief Executive on Alan's retirement from the role.
Following his retirement Alan will be available to provide
consulting advice to the Board until August 2018.
Alan joined RPS in 1978 becoming a director in 1979. He was
appointed as Chief Executive in 1981 and was instrumental in
successfully developing RPS into a highly respected international
consultancy in the built and natural environment markets. RPS
currently employs over 5,000 people in diverse locations throughout
the world. Through a combination of organic growth and an
acquisition strategy Alan led the development of a strongly
profitable and cash generative group. During this time, RPS Group's
revenue has grown from GBP1 million at time of IPO in 1987, to
almost GBP600m in 2016.
John Douglas has had a career in strategic and operational
management on an international scale. Most recently, John was Chief
Executive of Coffey International Limited, an Australian listed
business operating in similar markets to RPS, until its successful
sale to Tetra Tech Inc. in February 2016. Prior to joining Coffey
in 2011, John spent 15 years with Boral, the international building
materials group, latterly as Divisional Managing Director in
Australia. John was previously a consultant with Boston Consulting
Group. In his early career, he worked for engineering companies in
Australia and the UK. John is a civil engineer from Adelaide
University and has an MBA from London Business School. He will be
based in the UK.
The only public company of which John Douglas has been a
director over the last five years is Coffey International Limited
in Australia. There are no other matters requiring disclosure
pursuant to paragraph 9.6.13 of the Listing Rules.
Ken Lever, Group Chairman said:
"Over the years, Alan has contributed enormously to the
development of RPS and the creation of value for shareholders and
his presence in the business will be greatly missed. We wish him
well in his retirement.
I am delighted to welcome John Douglas to the Group. John's
background is highly complementary to RPS's business operations and
the Board is confident that he will provide the future direction
for RPS in its next stage of growth and development."
18 May 2017
Enquiries:
RPS Group plc Tel: 01494 260808/
07710 147282
Ken Lever, Chairman
Instinctif Partners Tel: 020 7457 2020
Justine Warren
Matthew Smallwood
The above announcement contains inside information for the
purposes of the Market Abuse Regulation.
The information set out below is provided in accordance with
section 430 (2) (b) of the Companies Act 2006.
Alan Hearne has a service agreement with the Company
incorporating a twelve month rolling notice period. On retirement
from the Board he will receive a payment in lieu of notice equal to
the value of six months' salary, pension contributions and
contractual benefits, resulting in a total payment of GBP372,875.
In addition he will be retained by the Company as a consultant for
a period of twelve months at remuneration equal to his current
basic salary of GBP581,400.
Dr Hearne will be treated as a good leaver for purposes of the
executive incentive plans in which he currently participates and
the following specific arrangements will apply.
(i) Dr Hearne participated in the RPS Group Plc Bonus Plan in
respect of the year to 31 December 2016 and in line with
performance for that year an award of 91,959 deferred shares was
made in March 2016. In accordance with the rules of that plan these
shares will vest and be available to Dr Hearne on 31 August
2017.
(ii) Dr Hearne is participating in the RPS Group Short Term
Annual Bonus Plan in respect of the financial year to 31 December
2017. In respect of that plan relevant performance conditions will
be measured at the end of 2017 and subject to those conditions a
cash payment pro-rated to the period of service as a director will
then be made.
(iii) In March 2017 Dr Hearne received an award of 229,956
shares under the RPS Group Plc Executive Long Term Incentive Plan.
In accordance with the original terms of this award relevant
performance conditions will be measured three years from the date
of grant and the number of shares that may vest in accordance with
those conditions will be pro-rated to his period of service as a
director over the three year period of the award. The maximum
number of shares capable of vesting is 36,751.
RPS is an international consultancy providing advice upon the
development and management of the built and natural environment;
the planning and development of strategic infrastructure, and the
evaluation and development of energy, water and other resources. We
have offices in the UK, Ireland, the Netherlands, Norway, the
United States, Canada and Australia Asia Pacific and undertake
projects in many other parts of the world.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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