Royal Mail PLC - Directorate Change
Royal Mail plc
Company Number: 8680755
LSE Share Code: RMG
Royal Mail plc
This announcement contains inside information for the purpose of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
The Board of Royal Mail plc (RMG.L) today announces the following senior executive appointments.
As a result of these changes
Keith Williams, who has been acting as interim Executive Chair of the Group since
Announcing these changes, Keith Williams said,
"Royal Mail in the
"Martin has made an impressive start as CEO of GLS. Bringing him onto the Group Board allows us to benefit from his detailed knowledge of the parcels sector and reflects the contribution of GLS to the Group."
"We have two excellent leaders in place for each of our businesses, focused on the opportunities which they each have to grow and succeed in the future."
"Mick has been with the Group for 27 years and has served in a variety of senior positions, including as Deputy Group CFO and before that, as Chief of Staff to the Group CEO. His deep experience of the Group and its operations will be invaluable."
"The Board would like to congratulate all three on their appointments and extend its thanks to Stuart for his significant contribution to Royal Mail over the last eleven years, in particular for acting as interim Chief Executive of the
Commenting on his appointment,
This announcement is made in accordance with Listing Rule 9.6.11R. There are no other details required to be disclosed pursuant to Listing Rule 9.6.13R.
In accordance with Section 430(2B) of the Companies Act 2006, the relevant disclosures will be made in the 2020/21 annual report.
Notes to Editors:
Simon will transition from his Non-Executive Director role to Chief Executive of the
Further detail of Mick's remuneration, which is in line with the Group Directors' Remuneration Policy, will be disclosed as appropriate in the 2020/21 annual report. His salary is
In addition to the fixed remuneration, all three executive directors will be eligible to participate in the Group's short-term and long-term incentive plans which each have a maximum award value of 150% of salary.
4. Keith Williams' remuneration as Non-Executive Chair will remain at
· Following this he will receive 12 equal monthly payments, totalling
· He will be eligible for any 2020-21 bonus, time pro-rated for service, should one be paid. Any bonus would be at the discretion of the Remuneration Committee including their assessment of
· Stuart will be conferred eligible leaver status and retain certain share awards post his termination:
− one unvested Deferred Share Bonus Plan (DSBP) award, awarded in 2018 (56,350 shares), relating to performance year 2017-18 and due to vest in
− three unvested Royal Mail Long-Term Incentive Plan (LTIP) awards which will continue to vest over the original vesting period i.e. there is no acceleration of vesting, and the awards will remain subject to a) malus (i.e. the potential claw-back of any unvested element), b) the future satisfaction of performance measures and c) time apportionment based on service.
· Consistent with the Group Directors' Remuneration Policy, there will be a requirement to hold shares (worth up to two times salary) for two years following termination. This holding requirement will apply to shares that subsequently vest under his DSBP and LTIP awards.
· Stuart will receive a capped contribution of up to
· There are no further payments for loss of office.
6. The Board of Royal Mail plc will have nine directors from
Phone: 07483 390 957
Royal Mail investor relations line: 020 7449 8183
Phone: 07776 993 036
Royal Mail press office: firstname.lastname@example.org
Phone: 020 7449 8289
This document contains certain forward-looking statements concerning the Group's business, financial condition, results of operations and certain Group's plans, objectives, assumptions, projections, expectations or beliefs with respect to these items. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'anticipates', 'aims', 'due', 'could', 'may', 'will', 'would', 'should', 'expects', 'believes', 'intends', 'plans', 'potential', 'targets', 'goal', 'forecasts' or 'estimates' or similar expressions or negatives thereof.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the Group's actual financial condition, performance and results to differ materially from the plans, goals, objectives and expectations set out in the forward-looking statements included in this document.
All written or verbal forward-looking statements, made in this document or made subsequently, which are attributable to the Group or any persons acting on its behalf are expressly qualified in their entirety by the factors referred to above. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. No assurance can be given that the forward-looking statements in this document will be realised; actual events or results may differ materially as a result of risks and uncertainties facing the Group. Subject to compliance with applicable law and regulation, the Group does not intend to update the forward-looking statements in this document to reflect events or circumstances after the date of this document, and does not undertake any obligation to do so.
Quick facts: Royal Mail PLC
Market Cap: -
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE