New Chief Financial Officer appointed at M&G plc
M&G plc NEWS RELEASE
17 January 2022
NEW CHIEF FINANCIAL OFFICER APPOINTED AT M&G PLC
M&G plc, the international savings and investments business, today announces the appointment of Kathryn McLeland as Chief Financial Officer.
Kathryn joins from Barclays PLC, where she has been Group Treasurer since 2018, with responsibilities that included capital management and strategy, principal equity investments (including sustainable impact and Fin Tech) and investor relations.
Over a career of more than 20 years at Barclays, Kathryn has held a series of senior roles at the bank. Prior to that, Kathryn spent a number of years in investment banking with Merrill Lynch and Salomon Brothers.
Subject to regulatory approval, Kathryn will join M&G plc in May. She will also join the M&G plc Board as an Executive Director.
John Foley, Chief Executive of M&G plc, says: "With almost three decades of international banking and capital markets experience, Kathryn is an outstanding addition to the already strong M&G leadership team. I look forward to working closely with her."
Kathryn comments: "I am immensely excited to be joining M&G plc at a time when the global transition to sustainable investment practices will create many growth opportunities for the business."
Until Kathryn joins M&G plc, Paul Cooper will continue as interim CFO.
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Jonathan Miller |
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Notes to Editors:
About M&G plc
M&G plc is an international savings and investments business, managing money for around 5 million retail customers and more than 800 institutional clients in 28 markets. As at 30 June 2021, we had £370 billion of assets under management and administration.
With a heritage dating back more than 170 years, M&G plc has a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions. We serve our savings and insurance customers under the Prudential brand in the UK and Europe and under the M&G Investments brand for asset management clients globally.
Disclosures
Remuneration Arrangements
Kathryn McLeland's remuneration arrangements will be in accordance with M&G plc's Directors' Remuneration Policy (the "Policy"), which was approved by shareholders at the Annual General Meeting in May 2020.
1. Salary and benefits
A base salary of £580,000.
Standard benefits including eligibility for private family health care, life assurance, disability insurance and an annual health screen.
Pension contribution of 13% of salary, which may be received in part or in full in cash, which is in line with the maximum pension rate applicable to the wider workforce.
2. Incentives
Eligibility to participate in a Short-Term Incentive scheme with a maximum annual entitlement of 225% of base salary, subject to performance conditions. In accordance with the Policy, 50% will be delivered in cash and 50% will be deferred in shares for 3 years. Eligibility will be pro-rated to the appointment date for the 2022 performance period.
Eligibility to participate in a Long-Term Incentive Plan with a maximum annual share award value of 225% of base salary with 3-year vesting, subject to performance conditions. There is a further 2-year holding period on the vested shares. The first award will be granted in 2022.
3. Shareholding requirement
Kathryn will be required to build up and maintain a minimum shareholding equal to 200% of base salary. Shareholding requirements must be maintained in full for 2 years post-employment.
4. Notice period
A 12 months' notice period from either party.
Save as disclosed above, no other information is required to be disclosed pursuant to paragraph 9.6.13R of the Listing Rules in respect of Kathryn's appointment.
LEI: 254900TWUJUQ44TQJY84
Classification: 3.1 Additional regulated information required to be disclosed under the laws of a Member State
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