Rentokil Initial PLC Directorate Change (0535S)
July 06 2020 - 1:00AM
UK Regulatory
TIDMRTO
RNS Number : 0535S
Rentokil Initial PLC
06 July 2020
6(th) July 2020
Directorate Change: Retirement of Jeremy Townsend, to be
succeeded by
Stuart Ingall-Tombs as Chief Financial Officer
Following the previous statement on 27(th) February 2020 that
Jeremy Townsend has decided to retire from the Company, Rentokil
Initial plc (FTSE: RTO, "the Company") today announces that Jeremy
will step down from the Board on 14(th) August 2020, after 10 years
as Chief Financial Officer. He will be succeeded by Stuart
Ingall-Tombs, currently Chief Financial Officer of the Company's
North America region. In line with Jeremy's plan to pursue a
non-executive career, and pursuant to Listing Rule 9.6.14(2), the
Company also announces that it has been informed that Jeremy
Townsend has been appointed to the board of Wm Morrison
Supermarkets Plc as a Non-Executive Director with effect from
today.
Stuart Ingall-Tombs has been with the Company since 2007 and
prior to his current role was CFO Europe and before that Group
Financial Controller and Treasurer. He will take up the role of
Chief Financial Officer of the Company on 15(th) August 2020 and
will join the Board at that time.
Richard Solomons, Chairman, said: "Jeremy has made a significant
contribution to Rentokil Initial over the last ten years. With
Andy, he has been a critical factor in the transformation and
success of the Company over this period. After a thorough selection
process, the Board is pleased to have chosen Stuart as our next
CFO. His international financial and commercial experience and deep
understanding of the whole group will support him playing a
critical role as we continue to execute our RIGHT WAY strategy. On
behalf of the board, I would like to thank Jeremy for all he has
done for Rentokil Initial, to wish him well in his retirement, and
we look forward to welcoming Stuart to the Board."
Andy Ransom, Chief Executive, said: "I am delighted that we have
appointed Stuart as Chief Financial Officer. I have worked closely
with him ever since I joined the Company in 2008, and Stuart has a
wealth of knowledge and understanding of our business, including
the key North America market. He also has strong leadership skills
and a consistent track record of performance which I am confident
will enable him to make a significant impact in his new role. I
would like to thank Jeremy for all he has done for Rentokil
Initial. I have worked side by side with Jeremy over the last 10
years and he has been a wonderful colleague, hugely committed to
the Company, providing great expertise, strategic insight and wise
counsel to the Board and the executive team. He has also shown
great leadership of both the finance team, including the
development of his successor Stuart, as well as leading the IT team
as CIO for over 5 years. I will miss working with him but wish him
all the best for his retirement and non-executive career."
Notes:
There are no further details to be disclosed relating to Stuart
Ingall-Tombs under Listing Rule 9.6.13.
Remuneration disclosure:
Full details of Stuart Ingall-Tombs' remuneration were included
in the 2019 Directors' Remuneration Report, and will apply
following his appointment to the Board as Chief Financial Officer
with effect from 15(th) August 2020. His remuneration package will
include:
-- An annual base salary of GBP500,000. This will increase to
GBP550,000 on the first anniversary of his appointment, assuming
both his and the Company's performance is satisfactory. He would
then be eligible for salary review in line with the wider workforce
from January 2023;
-- His annual pension entitlement will be 3%, in line with the wider UK workforce; and
-- All other elements of his remuneration package, including
provisions relating to bonus, bonus deferral, Performance Share
Plan awards and minimum shareholding guidelines, will be in line
with the Directors' Remuneration Policy.
Jeremy Townsend will be treated as a good leaver and in
accordance with the Company's approved Directors' Remuneration
Policy and his service contract, as follows:
-- He will remain eligible for salary, benefits and bonus until
the date he retires from the Company. On ceasing employment, he
will not be entitled to receive notice pay in respect of his
unserved notice period;
-- He will receive no bonus in relation to H1 2020, as
communicated in our Q1 Trading Update. If any bonus is payable in
relation to H2 , it will be prorated by reference to the period
1(st) July to 14(th) August and will be subject to a 40% deferral
into Company shares;
-- His Performance Share Plan awards which are unvested at the
point he retires from the Company will be pro-rated to his leave
date and remain subject to the achievement of performance
conditions and vesting schedule. Vested shares will be released
following the two-year holding period;
-- His Performance Share Plan awards that have vested, but are
still in their holding period, will be retained in full and
released at the end of the holding period; and
-- His Deferred Bonus plan awards will be retained in full and
released at the end of the deferral period.
Full details will be disclosed in the Directors' Remuneration
Report within the Company's Annual Report and Accounts for the year
ended 31(st) December 2020 and subsequent years as appropriate.
For further information please contact:
Rentokil Initial plc
Media Malcolm Padley 07788 978199
Investor Relations Katharine Rycroft 07811 270734
Company Secretary Daragh Fagan 07790 561702
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END
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