TIDMSN.
RNS Number : 1150S
Smith & Nephew Plc
02 November 2023
Smith+Nephew to appoint John Rogers as
Chief Financial Officer
2 November 2023
Smith+Nephew (LSE: SN, NYSE: SNN), the global medical technology
business , announces that John Rogers will succeed Anne-Françoise
Nesmes as Chief Financial Officer. He will join the company as
Chief Financial Officer-designate on 1 December 2023 and, following
a period of induction, will join the Board as Chief Financial
Officer in the first quarter of 2024.
Anne-Françoise's intention to step down as Chief Financial
Officer was announced on 3 August 2023, and she has agreed to
remain on the Board to finalise the 2023 Annual Report and Accounts
and support an effective transition.
John has extensive financial and commercial leadership
experience across a range of sectors and on a global basis, as well
as a track record of delivering complex international
transformation programmes. He has served as the Chief Financial
Officer of two FTSE-100 companies. He was most recently Chief
Financial Officer at WPP plc where he successfully led the
implementation of their global transformation programme. Prior to
WPP, John was Chief Financial Officer at J Sainsbury plc and also
served as Chief Executive Officer of Argos, Habitat and Sainsbury's
clothing and general merchandise businesses, where he led a major
digitisation programme, driving increased market share and
double-digit profit growth.
Rupert Soames, Chair of the Board, said: "John is a highly
regarded Chief Financial Officer with a proven track record
operating around the world and across a number of industry sectors.
His extensive experience in transformation and capital markets is
especially important given Smith+Nephew's focus on driving greater
shareholder value. We look forward to welcoming him later this
year."
Deepak Nath, Chief Executive Officer, said: "I am delighted to
welcome John to Smith+Nephew and look forward to working with him
as we continue to turn around performance and deliver the 12-Point
Plan. I would like to thank Anne-Françoise for her dedicated
service since she joined in 2020 and for her commitment to
effecting a smooth transition to our new Chief Financial
Officer."
John Rogers said: "This is a great opportunity to join one of
the world's leading healthcare companies with a strong heritage and
an ambitious vision for the future. I am delighted to be joining
Deepak and the team to drive execution of the 12-Point Plan and
deliver the Company's Strategy for Growth."
No further disclosure obligations arise under paragraphs (1) to
(6) of LR 9.6.13 R of the UK Listing Authority's Listing Rules in
respect of this change.
This announcement includes inside information as defined in
Article 7 of the UK Market Abuse Regulation. The person responsible
for arranging the release of this announcement on behalf of the
Company is Helen Barraclough, Company Secretary.
Separately, today Smith+Nephew also announced its trading update
for the third quarter ended 30 September 2023.
Remuneration
The Remuneration Committee considered the remuneration
arrangements for John Rogers and agreed that his remuneration
should be set having regard to his tenure as a FTSE100 Chief
Financial Officer and base salary in previous roles. He will be
paid in accordance with the Remuneration Policy approved by
shareholders on 26 April 2023 (the "Policy") as set out in the 2022
Annual Report. In summary:
-- John Rogers will begin his employment as Chief Financial
Officer designate on 1 December 2023 and following the induction
period will be appointed to the Board as an Executive Director in
the first quarter of 2024;
-- He will receive a base salary of GBP725,000 per annum;
-- He will participate in the Annual Bonus Plan with effect from
1 January 2024 with a maximum opportunity of 215% of base salary,
of which 50% will be paid in cash and 50% will be paid in shares
deferred for three years.
-- He will participate in the Performance Share Programme with a
maximum opportunity of 275% of base salary;
-- The Company will pay cash in lieu of a pension of 12% of
salary per annum in line with the wider UK workforce;
-- He will receive standard benefits, which are not materially
different in nature or value relative to the incumbent Chief
Financial Officer ;
-- He will be required to build a shareholding in the Company of
200% of salary within 5 years of appointment;
-- His notice period will be 6 months from him with 12 months from the Company.
Anne-Françoise will be treated in accordance with the Policy and
her contract of employment for the remaining term of her
employment. In summary:
-- She will continue to receive her salary and other benefits in
the normal way up to her end of employment;
-- Provided that she is employed on 31 March 2024, she will be
eligible to receive a payment under the Annual Bonus Plan for the
2023 financial year . 50% would be paid in cash and 50% would be
deferred into shares under the Deferred Bonus Plan ;
-- As Anne-Françoise provided the Board with significant advance
notice of her intention to step down, has evidenced dedication to
her role and is supporting the transition to the new Chief
Financial Officer, it is the proposed intention of the Remuneration
Committee to exercise its discretion to treat Anne-Françoise as a
Good Leaver for the purposes of unvested PSP awards, conditional
upon certain events not occurring from the date of this
announcement up to 30 days after her departure (which include
continuing with the full discharge of her duties in role) ;
-- She will remain subject to post-employment shareholding
requirements as set out in the Policy.
Further announcements regarding confirmation of Anne-Françoise's
compensation will be made in due course in accordance with
applicable legislation.
Full details will be disclosed in the Directors' Remuneration
Report for the relevant year.
Enquiries
Investors / Analysts
Andrew Swift
Smith+Nephew +44 (0) 1923 477433
Media
Charles Reynolds
Smith+Nephew +44 (0) 1923 477314
Susan Gilchrist / Ayesha Bharmal
Brunswick +44 (0) 20 7404 5959
About Smith+Nephew
Smith+Nephew is a portfolio medical technology business that
exists to restore people's bodies and their self-belief by using
technology to take the limits off living. We call this purpose
'Life Unlimited'. Our 19,000 employees deliver this mission every
day, making a difference to patients' lives through the excellence
of our product portfolio, and the invention and application of new
technologies across our three global business units of
Orthopaedics, Advanced Wound Management and Sports Medicine &
ENT.
Founded in Hull, UK, in 1856, we now operate in more than 100
countries, and generated annual sales of $5.2 billion in 2022.
Smith+Nephew is a constituent of the FTSE100 (LSE:SN, NYSE:SNN).
The terms 'Group' and 'Smith+Nephew' are used to refer to Smith
& Nephew plc and its consolidated subsidiaries, unless the
context requires otherwise.
For more information about Smith+Nephew, please visit
www.smith-nephew.com and follow us on X , LinkedIn , Instagram or
Facebook .
Forward-looking Statements
This document may contain forward-looking statements that may or
may not prove accurate. For example, statements regarding expected
revenue growth and trading profit margins, market trends and our
product pipeline are forward-looking statements. Phrases such as
"aim", "plan", "intend", "anticipate", "well-placed", "believe",
"estimate", "expect", "target", "consider" and similar expressions
are generally intended to identify forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause actual
results to differ materially from what is expressed or implied by
the statements. For Smith+Nephew, these factors include: risks
related to the impact of Covid, such as the depth and longevity of
its impact, government actions and other restrictive measures taken
in response, material delays and cancellations of elective
procedures, reduced procedure capacity at medical facilities,
restricted access for sales representatives to medical facilities,
or our ability to execute business continuity plans as a result of
Covid; economic and financial conditions in the markets we serve,
especially those affecting healthcare providers, payers and
customers (including, without limitation, as a result of Covid);
price levels for established and innovative medical devices;
developments in medical technology; regulatory approvals,
reimbursement decisions or other government actions; product
defects or recalls or other problems with quality management
systems or failure to comply with related regulations; litigation
relating to patent or other claims; legal and financial compliance
risks and related investigative, remedial or enforcement actions;
disruption to our supply chain or operations or those of our
suppliers (including, without limitation, as a result of Covid);
competition for qualified personnel; strategic actions, including
acquisitions and dispositions, our success in performing due
diligence, valuing and integrating acquired businesses; disruption
that may result from transactions or other changes we make in our
business plans or organisation to adapt to market developments;
relationships with healthcare professionals; reliance on
information technology and cybersecurity; disruptions due to
natural disasters, weather and climate change related events;
changes in customer and other stakeholder sustainability
expectations; changes in taxation regulations; effects of foreign
exchange volatility; and numerous other matters that affect us or
our markets, including those of a political, economic, business,
competitive or reputational nature. Please refer to the documents
that Smith+Nephew has filed with the U.S. Securities and Exchange
Commission
under the U.S. Securities Exchange Act of 1934, as amended,
including Smith+Nephew's most recent annual report on Form 20-F,
which is available on the SEC's website at www. sec.gov, for a
discussion of certain of these factors. Any forward-looking
statement is based on information available to Smith+Nephew as of
the date of the statement. All written or oral forward-looking
statements attributable to Smith+Nephew are qualified by this
caution. Smith+Nephew does not undertake any obligation to update
or revise any forward-looking statement to reflect any change in
circumstances or in Smith+Nephew's expectations.
Trademark of Smith+Nephew. Certain marks registered in US Patent
and Trademark Office.
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END
BOAUAARROVUARUA
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