TIDMTATE
RNS Number : 3654M
Tate & Lyle PLC
21 January 2021
Tate & Lyle PLC - 21 January 2021
Vivid Sehgal Appointed Chief Financial Officer of Tate &
Lyle PLC
Tate & Lyle PLC (Tate & Lyle) is pleased to announce the
appointment of Vivid Sehgal to the position of Chief Financial
Officer with effect from 1 May 2021.
Vivid will join Tate & Lyle as Chief Financial Officer
Designate, and be appointed to the Board of Directors, from 1 March
2021. Over the following two months he will work with Imran Nawaz,
the current Chief Financial Officer, to ensure a smooth transition
before Imran leaves Tate & Lyle, as announced on 7 October
2020, to take up the position of Chief Financial Officer of Tesco
plc.
Vivid Sehgal is a former Chief Financial Officer of Delphi
Technologies PLC, a global provider of automotive propulsion
technologies , having served from 2017 to 2020 when it was acquired
by BorgWarner Inc. He also served as Chief Financial Officer of
LivaNova PLC, a global medical technology company, from 2015 to
2017 and has previously held senior management positions in
Allergan Inc., Gillette Inc., and GlaxoSmithKline PLC working
across the US, Europe and the Middle East.
Nick Hampton, Chief Executive said: "I am delighted to welcome
Vivid to Tate & Lyle and the executive team. He brings with him
a proven track record of financial leadership as well as extensive
commercial and transactional experience. I very much look forward
to working with him as we continue to progress Tate & Lyle's
growth agenda."
Gerry Murphy, Chairman said: "Vivid's broad financial, business
and international experience will be of great value to Tate &
Lyle and he is a very welcome addition to our Board. "
End
For more information contact Tate & Lyle PLC
Christopher Marsh, VP Investor Relations
Tel: Mobile: +44 (0) 7796 192 688
Nick Hasell, FTI Consulting (Media)
Tel: Mobile: +44 (0) 7825 523 383
Notes:
1) Vivid Sehgal's Biography
Vivid Sehgal, 52, was Chief Financial Officer of Delphi
Technologies PLC, a global provider of automotive propulsion
technologies , from 2017 until it was acquired by BorgWarner Inc.
in 2020. Prior to joining Delphi, he served as Chief Financial
Officer of LivaNova PLC, a global medical technology company, from
2015 to 2017. Previously, Vivid served as Senior Vice President,
Treasury, Risk and Investor Relations at Allergan, Inc. a
multi-specialty health care company, from 2014 to 2015. Prior to
assuming his position as Senior Vice President, Mr. Sehgal served
as Vice President and Regional Controller of Allergan's Europe,
Middle East and Africa business from 2007 to 2014. Before Allergan,
Mr. Sehgal worked for nine years in various roles with
GlaxoSmithKline PLC and SmithKline Beecham PLC, where he eventually
served as Group Controller for GSK's International Pharmaceutical
Division. In his early career, he worked for Gillette Company, Inc.
during its acquisition by Procter and Gamble, Inc. and Grand
Metropolitan plc. Vivid has a Masters degree in Finance and
Investment from the University of Exeter, a Bachelor's degree in
Economics from the University of Leicester and is a member of the
Chartered Institute of Management Accountants.
For rights free photos of Vivid Sehgal, please contact
mediarelations@tateandlyle.com or call Anna Taylor-Elphick,
Corporate PR Manager at Tate & Lyle on +44 (0)7766 361 515.
2) Remuneration Arrangements
Vivid Sehgal is appointed on an annual salary of GBP475,000.
This will next be reviewed in April 2022. He will be eligible for a
bonus under Tate & Lyle's discretionary bonus scheme. This
scheme currently provides for a bonus paid at 75% of salary at
target and a maximum opportunity of 150% of salary. Bonus awards
are subject to performance conditions and awards in excess of 100%
of salary are currently made as shares which are released after 24
months.
Vivid will be eligible to receive a Performance Share Plan (PSP)
award of up to 300% (maximum) of base salary which will be subject
to a three-year performance period. A two-year post-vesting holding
period follows the three-year performance period. No other share
awards are due in relation to his appointment. He is required to
accumulate a shareholding in Tate & Lyle equivalent to three
times base salary within five years of joining the Company.
3) Disclosures
In accordance with paragraph 9.6.13 of the Financial Conduct
Authority's Listing Rules, the Company confirms that:
i) Vivid Sehgal holds no current directorships and has not held
any directorships in the last five years in any publicly quoted
companies; and
ii) There are no further disclosures to be made pursuant to
paragraph 9.6.13 of the Financial Conduct Authority's Listing
Rules.
4) About Tate & Lyle
Tate & Lyle PLC is a leading global provider of food and
beverage ingredients and solutions. Supported by our 160-year
history of ingredient innovation, we partner with customers to
provide consumers with healthier and tastier choices when they eat
and drink. We are proud that millions of people around the world
consume products containing our ingredients every day. Through our
expertise in sweetening, mouthfeel and fibre fortification, our
Food & Beverage Solutions business develops solutions which
reduce sugar, calories and fat, add fibre, and provide texture and
stability in categories including beverages, dairy, bakery, soups,
sauces and dressings. Our Primary Products business produces
nutritive sweeteners, industrial starches used in paper and
packaging, acidulants and products used for animal nutrition.
We have around 4,200 employees working in more than 60 locations
across 30 countries. Tate & Lyle's purpose is Improving Lives
for Generations and through our purpose we believe we can
successfully grow our business and have a positive impact on
society. We live our purpose in three ways, by supporting healthy
living, building thriving communities and caring for our
planet.
Tate & Lyle is listed on the London Stock Exchange under the
symbol TATE.L. American Depositary Receipts trade under TATYY. In
the year to 31 March 2020, Tate & Lyle sales totaled GBP2.9
billion. For more information, please visit
http://www.tateandlyle.com or follow Tate & Lyle on Twitter or
Linkedin.
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END
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