Bellway
p.l.c.
Board
changes
Retirement of Group Finance
Director and Appointment of Chief Financial
Officer
Bellway p.l.c. ('Bellway' or 'the Group'), the national
housebuilder, is pleased to announce today,
11 October 2024, the appointment of Shane
Doherty as Chief
Financial Officer.
Shane Doherty, who was the Group
Chief Financial Officer of Cairn Homes PLC ('Cairn') (a company
trading on both the Euronext Dublin and the London Stock Exchange)
until April 2024, will join Bellway on 2 December 2024 as Chief
Financial Officer and be appointed as a member of the Board with
effect from that date.
Shane has significant experience in
the housebuilding sector, having spent over four years at Cairn.
Prior to this, he held a number of other senior finance roles
across multiple sectors including as Chief Financial Officer at
Morgan McKinley and European Finance Director at Flutter
Entertainment PLC (formerly Paddy Power Betfair PLC). Shane
qualified as a chartered accountant with PricewaterhouseCoopers in
2000.
John Tutte,
Chair of Bellway, said: "Shane is a senior
finance executive with extensive leadership and board experience,
and an impressive record of delivering financial and operational
growth across a number of industries in a range of financial and
commercial disciplines. We are delighted that he has agreed to join
the Group and we look forward to him working closely with our
experienced management team to deliver Bellway's strategic
priorities."
Shane Doherty added: "I am delighted
to be joining Bellway as Chief Financial Officer. Bellway is
recognised as a leading UK housebuilder with an excellent track
record of delivering both strong shareholder returns and
high‐quality,
sustainable homes. I look forward to working with the Bellway team
in executing its long-term volume growth plans."
Further to the announcement on 21
May 2024, Bellway also announces that Keith Adey will be stepping
down from his current role as Group Finance Director on 1 December
2024. Keith will remain on the Board
and will continue to have an active role in the business
as an executive director until 21 March
2025, which will include helping to oversee an orderly
transition.
NOTES:
1. There is no further information
in respect of Shane Doherty which would require disclosure under
Listing Rule 6.4.6.
2. Shane
Doherty's remuneration arrangements have
been set in accordance with the Directors' Remuneration Policy
approved by shareholders at the 2021 AGM and are in
accordance with the proposed new remuneration policy to be put to
shareholders at the upcoming AGM ('Remuneration Policy'). Shane's
remuneration package will comprise a salary of
£480,000, a
pension in line with the rate applying to the majority of the
workforce based on being a new employee, an annual bonus
opportunity and long-term incentives for 2024 at the same rates as the other
executive directors and other benefits.
3. Consistent with his contractual terms and the Remuneration
Policy, Keith will be paid salary and benefits in the normal way,
will be eligible to receive a bonus for the
period of FY25 that he is an executive director and will be
eligible to retain his long-term incentive awards (prorated for
time and subject to their performance targets and holding periods).
The information to be disclosed under section 430(2B) of the
Companies Act 2006 in relation to Keith will be available on the
Company's website in due course.
Name of contact and telephone number
for queries:
Simon Scougall
Chief Commercial Officer and Company
Secretary
Bellway p.l.c.
Tel: 0191 217 0717