PZ CUSSONS PLC Board Change (0264C)
13 Junio 2019 - 1:01AM
UK Regulatory
TIDMPZC
RNS Number : 0264C
PZ CUSSONS PLC
13 June 2019
13 June 2019
PZ Cussons Plc
Board Change
PZ Cussons plc ("PZ Cussons" or the "Company") announces today
that Brandon Leigh, Chief Financial Officer, has resigned and has
stepped down from the Board with immediate effect.
Caroline Silver, Chair of PZ Cussons, said:
"The Board wishes to express its thanks to Brandon for the
significant contribution which he has made to PZ Cussons over 22
years with the business. He was appointed to the Board in 2006 and
has played a leading role in the Company's development since that
time. We wish him all the very best for the future."
Pending the appointment of a new Chief Financial Officer, Mr
Leigh's responsibilities will be assumed by Alan Bergin, currently
Commercial Finance Director on the Company's Executive Leadership
Team, supported by the Chief Executive Officer.
- Ends -
For further information contact:
PZ Cussons Plc
Sam Plant - Company Secretary 0161 435 1020
Instinctif Tel: 020 7457 2020
Tim Linacre / Guy Scarborough
As required by section 430(2B) of the Companies Act 2006,
details of the payments made or to be made to Mr Leigh are set out
below:
1. Mr Leigh will receive his accrued salary up to the date he
ceased employment with the Company. In addition, he will also
receive a further payment of GBP33,791 in lieu of 20 days accrued
but untaken holiday.
2. In accordance with the terms of Mr Leigh's employment
contract (which entitle him to 12 months' notice of termination) he
will receive a lump sum payment totalling GBP480,039.78 in lieu of
the value of 12 months' basic salary and contractual benefits.
3. Mr Leigh will not be entitled to a payment under the
Company's annual bonus arrangements for the year ending 31 May
2019.
4. The Remuneration Committee of the Board ("Remuneration
Committee") has determined that Mr Leigh's 2017 award of 25,587
deferred shares under the Company's Senior Executive Annual Bonus
Scheme ("ABS") would vest on 12 June 2019. These shares related to
the part deferral of annual bonus earned based on performance in
the financial year ending 31 May 2017.
5. The Remuneration Committee has determined that Mr Leigh's
unvested 2016, 2017 and 2018 awards under the Company's Performance
Share Plan ("PSP") (over 137,808, 125,221, and 209,290 shares
respectively) will continue to remain eligible to vest on the
normal vesting dates. Any vesting of these awards will only take
place subject to the satisfaction of the relevant performance
conditions at the end of the relevant performance periods and the
number of shares comprised in each award will be pro-rated to
reflect the period of employment since the relevant grant date. Any
vesting will also be subject to the rules of the PSP and the terms
associated with the grant of each award (including any applicable
holding period).
6. A sum of up to GBP10,000 will be paid as a contribution in
relation to legal services, to be paid directly to a third party
service provider.
7. A contribution will be paid towards outplacement support, to
be paid directly to a third party service provider.
8. Mr Leigh will be reimbursed for any outstanding expenses
reasonably incurred in connection with his employment with the
Company.
All sums payable to Mr Leigh will be subject to deductions in
respect of tax and national insurance as the Company is required by
law to make.
Details of payments made to and receivable by Mr Leigh will be
disclosed in the Directors' Remuneration Report within the
Company's Annual Report and Accounts for the year ended 31 May
2019, and subsequent years, as appropriate.
Notes to editors:
PZ Cussons Plc is listed on the London Stock Exchange with a
market capitalisation of c. GBP850m. The Group operates across
Europe, Asia-Pacific and Africa with leading brands in Personal
Care, Homecare, Electrical Goods and Food and Nutrition.
This information is provided by RNS, the news service of the
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END
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(END) Dow Jones Newswires
June 13, 2019 02:01 ET (06:01 GMT)
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