Peter Pritchard to succeed Ian Kellett as CEO
FOR IMMEDIATE RELEASE, 28 NOVEMBER 2017
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Pets at Home Group Plc: Peter Pritchard to succeed Ian Kellett as Group Chief Executive Officer in May 2018
Pets at Home Group Plc announces that Ian Kellett, Group Chief Executive Officer (CEO), has informed the Board of his desire to step away from corporate life and pursue his own personal business interests. As part of the Board's succession plan, we are pleased to announce that Peter Pritchard, currently CEO of Retail, will succeed Ian as Group CEO when he leaves. Ian will remain with the business until 31st May 2018 to support Peter and ensure a smooth transition.
Peter joined Pets at Home in 2011 as Commercial Director and moved to the role of CEO of Retail in 2015. Peter has worked in retail for 30 years in various senior operational roles at Asda, Sainsbury's, Iceland, Marks and Spencer and Wilkinson Hardware Stores. At Pets at Home, Peter has overseen the establishment of our sourcing office in China, the launch of the VIP club, the development of our omnichannel strategy, and more recently, the repositioning of our Merchandise business.
Tony DeNunzio, Chairman, said:
"I am pleased to announce Peter's future succession as Group CEO. Ian and Peter will continue to work closely together over the next six months through which there will be an orderly handover process. Peter has steered the Retail business for a number of years and has been responsible for the launch of some highly successful initiatives, and I am confident he will provide strong leadership to the Group.
"I want to thank Ian for his long tenure at Pets at Home, having successfully led multiple areas of the business in his roles as Chief Financial Officer, within Retail, and as Group CEO. On behalf of the Board, I wish him well as he takes a break from corporate life to pursue his personal business interests."
Ian Kellett said:
"Having spent the past twelve years with Pets at Home, I feel very fortunate to have worked in such a special business with some amazing people. I am proud to have been part of transforming the Group from its retail roots into the much wider services and omnichannel business it is today.
The actions we have taken this year to reposition Retail pricing have landed well, and we have a clearly defined plan that will deliver further results. It is with this in mind that I feel able to move on and pursue my own personal business interests, which will provide me with a different type of challenge at this point in my career."
Notes:
(i) There is no further information to be disclosed in accordance with Listing Rule 9.6.13.
(ii) Ian Kellett will receive his normal salary and associated benefits until his leaving date of 31st May 2018. Payment of any annual bonus for the financial year ended 29th March 2018 will be in accordance with the remuneration policy and subject to the normal assessment of performance achieved over the period. Ian will not receive an annual bonus for the period from 30th March 2018 to 31st May 2018.
(iii) Under the Company's long term incentive plans ("LTIPs"), Ian's vested matching award under the Co-Investment Plan will be subject to the leaver provisions. Under these provisions, from March 2018 onwards, Ian will be entitled to exercise the second tranche of vested matching awards, however, he will lose the right to exercise the third and final tranche of vested matching shares. The remainder of all awards granted to Ian under the Company's LTIPs (including the Company's Restricted Share Plan (RSP) granted in 2017) will lapse in accordance with the leaver provisions contained in the rules of such plans.
(iv) Peter Pritchard's remuneration package will be on the same terms as Ian Kellett's and includes an annual basic salary of ￡484,500 subject to any annual review that takes place at the March Remuneration Committee in accordance with the remuneration policy. His maximum annual bonus entitlement is 100% of salary. Peter will be entitled to participate in the RSP. The next award will take place in May 2018 when the intention is to make an award of RSP shares, normally up to 75% of salary in total. The vesting of RSP awards will be subject to a baseline underpin. Peter's employment contract is subject to a notice period of six months from the individual and twelve months from the Company.
(v) The above remuneration arrangements are compliant with the Group's remuneration policy that was approved by shareholders in 2017. Full details of Peter's remuneration arrangements will be disclosed in the Annual Report and Accounts for year ending 29 March 2018.
Investor Relations Enquiries
Pets at Home Group Plc: +44 (0)161 486 6688
Amie Gramlick, Director of Investor Relations
Media Enquiries
Pets at Home Group Plc: +44 (0)161 486 6688
Brian Hudspith, Director of Corporate Affairs
Maitland: +44 (0)20 7379 5151
James McFarlane, Joanna Davidson
About Pets at Home
Pets at Home Group Plc is the UK's leading specialist pet omnichannel retailer and services provider. Pets at Home operates from 442 superstores located across the UK. The Group operates the UK's largest small animal veterinary business with 447 practices, run principally under a Joint Venture model using the Vets4Pets and Companion Care brand names, and four veterinary specialist referral centres. Pets at Home is the UK's leading operator of pet grooming services offered through its 301 grooming salons. The Group also operates seven specialist High Street based dog stores, called Barkers. For more information visit: http://investors.petsathome.com/
This information is provided by RNS
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