Ricardo PLC Appointment of New CEO (8129J)
26 Agosto 2021 - 1:00AM
UK Regulatory
TIDMRCDO
RNS Number : 8129J
Ricardo PLC
26 August 2021
RICARDO PLC
APPOINTMENT OF NEW CEO
Ricardo plc ("Ricardo") is pleased to announce the appointment
of Graham Ritchie as its new CEO, replacing Dave Shemmans who is
stepping down from the Board after 16 years as CEO on 30 September
2021. Graham will join Ricardo on 1 October 2021.
Graham has a proven track record in leading large divisions
within listed companies and is well placed to ensure the strong
execution of Ricardo's strategy. Since 2016, Graham was a member of
the Executive Committee of Intertek Group plc, responsible for its
operations in Europe, including Russia, and Central Asia. Prior to
that role, Graham was Intertek's Group Financial Controller.
Previously, Graham held senior financial positions at BT Group plc
and other technology services organisations, having started his
career with PwC. Graham is a qualified Chartered Accountant and
holds a BA in Economics.
Sir Terry Morgan, Chairman of Ricardo, said:
"After a thorough and rigorous search process we are delighted
that Graham Ritchie has agreed to join Ricardo as its CEO. Graham
has significant business experience and the drive to help us take
Ricardo to the next level of growth and development. I am
personally very pleased that we have been able to attract someone
with his calibre, track record and further potential. I look
forward to working with him and the Executive Team over the next
few years."
Dave Shemmans, Chief Executive of Ricardo, said:
"I am very proud of the progress that the exceptional Ricardo
team has achieved during my time as CEO. I am very pleased that
Graham Ritchie is to join the business as my successor and I wish
Graham, the Board and the Ricardo team my best wishes for continued
success."
Commenting on his new role, Graham Ritchie added:
" 'I am delighted to be joining Ricardo at this time. It has a
strong heritage of success built on innovation and expertise in its
chosen markets. At this critical time where the need for
environmental change is so fundamental, I have no doubt we can
leverage this capability to deliver the Company's vision 'to create
a world fit for the future'. I look forward to meeting you all
shortly to deliver this inspiring mission together."
Fixed Remuneration
As CEO of Ricardo, Graham Ritchie will receive an annual salary
of GBP470,000, a pension allowance equivalent to a maximum of 7% of
salary above the lower earnings limit and other usual benefits.
Specifically, the pension contribution level is aligned with the
current pension provision levels of Ricardo's UK workforce.
Variable Remuneration
Graham will also be eligible to participate in Ricardo's
existing annual bonus plan with a maximum opportunity of up to 125%
of base salary, such bonuses being subject to performance and the
normal deferral arrangements described in our Directors'
Remuneration Policy that was approved by shareholders at the AGM
held in November 2020 (the "Policy"). He will also be eligible to
participate in our performance-based Long Term Incentive
arrangements with a maximum opportunity of 150% of salary.
All remuneration arrangements are consistent with the Policy and
will be set out in more detail in the Directors' Remuneration
Report for the applicable financial year, a copy of which will be
available from www.ricardo.com.
Additional Disclosures
In accordance with the Listing Rules, there are no further
matters requiring disclosure under LR 9.6.13R of the Listing Rules
of the Financial Conduct Authority in relation to the appointment
of Graham Ritchie.
+++++++++++++++++++++++++++++++
About Ricardo plc
Ricardo plc is a world-class environmental, engineering and
strategic consulting company listed on the London Stock Exchange.
With over 100 years of engineering excellence, we provide
exceptional levels of expertise in delivering leading edge and
innovative cross sector sustainable products and solutions, helping
our global customers increase efficiencies, achieve growth and
create a clear and safer future. Our mission is clear -- to create
a world fit for the future.
The Ricardo plc LEI number is 213800ZNYAY35F4XB814.
This announcement is released by Ricardo plc and contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under
Article 17 of MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055 (as amended by the FCA pursuant to
Technical Standards (Market Abuse Regulation) (EU Exit)
Instrument 2019), the person responsible for releasing this
announcement is Patricia Ryan, Company Secretary of Ricardo
plc.
Further enquiries:
Ricardo plc Tel: 01273 4556611
Investec, David Flin Tel: 020 7597 5970
Liberum, Richard Crawley Tel: 020 3100 2000
SEC Newgate UK Tel: 020 3 757 6882
Elisabeth Cowell/ Richard
Bicknell/Isabelle Smurfit
Website: www.ricardo.com
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END
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