Directorate Change

RNS Number : 2296Q

Marshalls PLC

10 October 2013

 



Marshalls plc: Retirement of Director

This announcement is made in accordance with LR 9.6.11 and paragraph 15 of the Regulations (Schedule 8 to the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008 as amended by the Large and Medium Sized Companies and Groups (Accounts and Reports) Amendment Regulations 2013)).

Further to the announcements dated 30 April, 18 June and 9 September 2013, Marshalls plc (the "Company") confirms that Graham Holden has ceased to be a director of the Company with effect from 10 October 2013. He is expected to remain employed by the Company until 11 April 2014 to secure a smooth handover to his successor, Martyn Coffey, who becomes Chief Executive of the Company with effect from 10 October 2013.

The following information in relation to remuneration will be displayed on the Company's website:

In respect of Graham Holden ceasing to be a director of the Company there is no payment for loss of office. Graham Holden is expected to continue in employment until 11 April 2014, and will continue to receive his salary and benefits in accordance with his current service agreement, details of which are set out in the Company's 2012 Remuneration Committee Report (the "Remuneration Report"), during the period between 10 October 2013 and his ceasing to be an employee. He will not be entitled to a bonus or share grant under the Company's incentive plans in respect of the 2014 financial year.

The Company's Remuneration Reports for the 2013 and 2014 financial years will include the remuneration earned by Graham Holden as a past director during the relevant period.

Graham Holden's entitlement to outstanding performance-related incentive awards under the Company's Performance Incentive Plan ("PIP") and Long Term Incentive Plan ("LTIP") will be calculated, in so far as the vesting period would otherwise fall after the date of cessation of employment, in accordance with the Company's stated policy for good leavers, and will be included in the Company's Remuneration Report for the year in which, or by reference to which, they vest.  Full details of the operation of the PIP and LTIP are set out in the Remuneration Report.

The maximum entitlements for Graham Holden under the Company's incentive plans as at 10 October 2013 are as follows:-

PIP

·    The details of Graham Holden's participation in the PIP for the 2013 financial year are set out in the Remuneration Report and any bonus earned cannot be determined until the end of this financial year;

·    The maximum number of deferred shares under the PIP to which Graham Holden is conditionally entitled at the date of this announcement  is 498,179 shares; and

·    The Remuneration Committee has determined that Graham Holden will be treated as a good leaver for the purposes of the PIP due to his retirement. The Remuneration Report sets out the treatment of awards under the PIP on cessation of employment.

LTIP

·    The maximum number of shares subject to awards which, depending on the satisfaction of the LTIP performance conditions for the relevant award, Graham Holden could receive on vesting is 1,055,174 shares as at the date of this announcement: this has been pro-rated to the anticipated date of his cessation of employment in accordance with the good leaver provisions of the LTIP Rules approved by shareholders; and

·    The Remuneration Committee has determined that Graham Holden will be treated as a good leaver for the purposes of the LTIP due to his retirement. The Remuneration Report sets out the treatment of awards under the LTIP on cessation of employment.

Enquiries:

Andrew Allner	Chairman	Marshalls plc	01484 438917
Cathy Baxandall	Company Secretary	Marshalls plc	01484 438917
Jon Coles		Brunswick Group	0207 404 5959
Charlotte Winsley		Brunswick Group	0207 404 5959

10 October 2013

 

END

 

 

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