Xeros Technology Group plc Directorate Change (2862J)
December 12 2022 - 1:00AM
UK Regulatory
TIDMXSG
RNS Number : 2862J
Xeros Technology Group plc
12 December 2022
This announcement contains inside information
12 December 2022
Xeros Technology Group plc
('Xeros' or the 'Company' or the 'Group')
Directorate Change
Xeros Technology Group plc (AIM: XSG), the creator of
technologies that reduce the impact of clothing on the planet,
today announces that Paul Denney, Chief Financial Officer and
Company Secretary, will step down from the Board on 28 February
2023 to pursue new opportunities outside the Company.
A search process for his replacement will commence immediately
and Paul is committed to supporting an orderly handover.
As part of the above arrangements and in recognition of his
contribution to the business over his six years of service, his
status as a "good leaver" under the Company's EMI Share Option
Scheme ("EMI Scheme") and Unapproved Share Option Scheme
("Unapproved Scheme") (together, the "Schemes") and to properly
incentivise Paul during the transition period, the Remuneration
Committee has determined:
1) to allow Mr Denney to keep 1,055,182 unapproved options
granted to him in November 2022 under the terms of the Unapproved
Scheme; and
2) to waive all vesting criteria attaching to those options.
Discretion to do so is permitted under the terms of the Schemes.
All other options held by Mr Denney will lapse according to the
terms of the schemes.
Neil Austin, Chief Executive Officer of Xeros said:
"Through his leadership of the finance function and as a Board
member and Company Secretary, Paul has played an important role in
the evolution of the business over the past six years and through
challenging economic conditions. On the eve of the Company's next
chapter, he leaves us well placed to continue the commercialisation
of our portfolio of technologies.
"On behalf of everyone at Xeros I would like to thank Paul for
his significant contribution."
Enquiries:
Xeros Technology Group plc Tel: 0114 321 6328
Neil Austin, Chief Executive Officer
Paul Denney, Chief Financial Officer
finnCap Limited (Nominated Adviser and Tel: 020 7220 0570
Broker)
Julian Blunt/Teddy Whiley, Corporate Finance
Andrew Burdis/Sunila de Silva, ECM
Tel: 020 3004 9512
Yellow Jersey PR
Sarah Hollins/Lilian Filips/Annabelle Wills
Notes to Editors
POWERED BY SCIENCE, XEROS CREATE TECHNOLOGIES ENGINEERED FOR THE
FUTURE
Born out of textile research and advancing new standards of
performance and responsibility, Xeros' technologies revolutionise
the way we make and clean our clothes, conserving water and
preventing waste. Designed to impact industries and people on a
global scale, Xeros transform the performance, impact and economics
of the fashion and washing machine industry.
Xeros enable the scaling of their innovations and impact by
licencing their intellectual property to partners across the globe.
Their work has, to date, created 38 patent families.
Xeros' technologies are already in use in major global
industries, including commercial and home laundry and garment
manufacture. So far, these technologies have saved millions of
litres of water and could prevent billions of microfibres from
ending in our oceans.
TO THE POWER OF CHANGE
xerostech.com
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END
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