TIDMLSE
RNS Number : 0060R
London Stock Exchange Group PLC
25 June 2020
25 June 2020
LSEG Appoints Anna Manz as Chief Financial Officer
London Stock Exchange Group (LSEG) announces today that Anna
Manz will join as Chief Financial Officer and a member of the Board
of LSEG plc on 21 November, reporting to David Schwimmer, CEO,
LSEG. She succeeds David Warren who announced in October 2019 his
intention to retire from the Group and to step down from the Board
by the end of 2020. David Warren will step down as Chief Financial
Officer and Executive Director when Anna starts, remaining with the
Group until his retirement date of 24 June 2021 to ensure a
seamless transition.
Anna Manz is currently CFO and Executive Director of Johnson
Matthey plc, leading the Finance, Procurement and IT functions.
Prior to that role, she spent 17 years at Diageo plc in a number of
senior finance roles and most recently as Chief Strategy Officer
and a member of the Executive Committee. She serves as a
Non-Executive Director at ITV plc.
David Schwimmer, CEO, LSEG said:
"We are delighted to welcome Anna to the Group. She brings deep
financial and leadership experience from her career at major UK
listed companies, driving strategic change and delivering value to
shareholders, customers and other stakeholders. She will play a
central role as the Group continues to develop and grow. I'd like
to thank David Warren for his many contributions over a
transformational eight year period. His leadership, partnership
approach and professionalism will be missed."
Anna Manz said:
"I'm delighted to join London Stock Exchange Group, a growing
and dynamic business at the heart of international financial
markets. I look forward to working with David and the entire team
to deliver further value, including the benefits of the proposed
transaction with Refinitiv."
Don Robert, Chair, LSEG, said:
"I'd like to record the Board's gratitude to David Warren for
his significant contribution and commitment to our Group during his
tenure, both as CFO and as Interim CEO. David played a key role in
the successful growth, diversification and global expansion of our
business over the last eight years. We look forward to welcoming
Anna to the Board."
David Warren said:
"It has been a privilege to work with the outstanding team at
London Stock Exchange Group. Over the past eight years, LSEG has
transformed into the global financial markets infrastructure leader
it is today. I wish everyone continued success."
Remuneration disclosure
As CFO of LSEG, Anna will receive a salary of GBP650,000. She
will receive a pension allowance of 10% of salary in line with the
wider workforce in the UK, and other benefits in line with
Remuneration Policy. She will be eligible to participate in the
Group's existing annual bonus plan with a target of 100% of salary;
in line with our Remuneration Policy this has a maximum opportunity
of 200% of salary, with 50% of any bonus deferred into shares for a
period of 3 years. She will receive a 2021 LTIP grant of 300% of
salary, which will only vest based on performance over a 3 year
period as assessed by the Remuneration Committee against published
performance measures (currently EPS and relative TSR). The award
will also be subject to a 2 year post-vesting holding period,
resulting in a total 5 year holding period from the date of LTIP
grant. The share ownership requirement will be 300% of salary and
there is a formal post-employment shareholding requirement, for 2
years after departure.
Anna will also be granted awards to compensate for remuneration
forfeited from Johnson Matthey. All replacement awards will
replicate the form of the forfeited award, the vesting schedule and
value foregone and will include:
-- A pro-rated bonus award to compensate for the forfeiture of
the bonus award for 2020, 50% paid in cash and 50% as an award of
shares under the LSEG Restricted Share Award Plan. The quantum will
be confirmed upon the publication of Johnson Matthey's annual
results in 2021;
-- A grant of LSEG performance shares to compensate for the
forfeiture of her 2019 unvested LTIP award, pro-rated to the date
of termination of employment with Johnson Matthey. The value at
vesting will be based on the performance of Johnson Matthey and
LSEG's share price performance; and
-- A LTIP grant of 142% of salary to compensate for the
forfeiture of her 2020 LTIP award. The award will have performance
conditions linked to LSEG's performance over the 2021-23 financial
years and with any vested awards being subject to a holding period
until August 2025. The award will be granted as soon as practicable
upon joining, subject to LSEG being in a position to grant.
All remuneration arrangements are consistent with the terms of
the Directors' Remuneration Policy approved by shareholders at the
AGM in April 2020. Further detail will be set out in the Director
Remuneration Report for 2020, published in March 2021.
David Warren will be treated in accordance with the Company's
approved remuneration policy and his service contract. As such he
will remain eligible for salary and benefits until his retirement
date of 24 June 2021. He will also be eligible for a pro-rated
bonus until his last working day and any bonus paid for 2020 will
be subject to 50% deferral into LSEG shares for a period of 3
years, in line with our remuneration policy. All Long Term
Incentive Plan (LTIP) awards which are unvested at the point that
David retires from the Company will be pro-rated to the date of
leaving and remain subject to performance conditions. No further
LTIP awards will be granted. Upon retirement on 24 June 2021, after
pro-rating, David will retain an interest under the LTIP in
approximately 57,300 shares vesting dependent on performance to
2021 and 2022, and subject to a further 2 year holding period.
David will also retain approximately 15,400 shares under LSEG's
Deferred Bonus Plan, vesting in 2021 and 2022.
Full details will be disclosed on the Company's website in due
course in compliance with Section 430(2B) of the Companies Act 2006
and in the Directors' Remuneration Report within the Company's
Annual Report and Accounts for the year ended 31 December 2019, and
subsequent years, as appropriate.
The company confirms there is no further information to be
disclosed under the requirements of listing rule 9.6.13R in
relation to this appointment.
For further information:
Media: Gavin Sullivan/ Lucie Holloway +44 (0)20 7797 1222
Investor Relations: Paul Froud +44 (0)20 7797 3322
This announcement is made on behalf of LSEG by Lisa Condron, the
Group Company Secretary of LSEG.
Notes to the Editors:
Anna Manz
NON-EXECUTIVE ROLES
2016 to date Non-Executive Director, ITV plc
Member of Audit and Remuneration Committees
EXECUTIVE ROLES
Sept 2016 to date Johnson Matthey plc
Chief Financial Officer and Executive Director
1999 - 2016 Diaego plc
2013 - 2016: Chief Strategy Office and member
of Executive Committee
2010 - 2013: Regional Finance Director, Asia
Pacific (Singapore)
2009 - 2010: Group Treasurer
1999 - 2009: Various Senior Finance Roles
1996 - 1999 Quest International, Unilever/ ICI plc
Various project and accountant roles
EDUCATION
1992 Oxford University, M. A. Chemistry
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END
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