15 March
2024
WH Smith
PLC
The
global travel retailer
Chief Financial Officer
Appointment
WH Smith PLC, the global travel
retailer, today announces that Robert Moorhead, after more than 20
years with the business, has advised the Board of his intention to
retire as Chief Financial Officer and Chief Operating Officer. He
will be succeeded by Max Izzard, currently SVP Group and Corporate
Finance at Burberry PLC. Max will join the Company on 1 September
2024. Robert will step down from the Board on 30 November 2024. Max
will be appointed to the Board with effect from 1 December
2024.
Max is a highly experienced finance
director, with deep expertise in multi-site international consumer
businesses. He is currently SVP of Group and Corporate Finance at
Burberry PLC. Max has held a variety of senior roles there over the
last 6 years, helping to support the strategic transformation and
development of the business, overseeing the group finance
functions, tax and treasury. Prior to Burberry, Max held several
senior commercial and group finance roles at IHG PLC.
Robert joined the Company in 2004 as
Finance Director - Retail. Robert was appointed Chief Financial
Officer in 2008 and Chief Financial Officer/Chief Operating Officer
in 2013. Robert has played an important leadership role in
transforming WH Smith into a global travel retailer.
Annette Court, Chair
commented:
"I
want to pay tribute to Robert's outstanding achievements during his
20 years at WH Smith. He has played an integral role in the
transformation of the Company to a highly successful global travel
retailer, trading in 32 countries around the
world.
"I
am pleased to welcome a highly capable successor in Max who brings
a range of financial and commercial experience in multi-site
international businesses."
Carl Cowling, CEO added:
"Robert has been a fantastic support to me and the broader
Executive teams. In particular, I want to thank him for his work
during the exceptional challenges of the Covid-19 pandemic and the
way he skillfully navigated the financial complexities of those
times. It is testament to his efforts and talents that he will
leave the Company in such a strong financial and strategic
position. I thank him for that and wish him all the best for his
retirement.
"I
look forward to working with Max who has a strong background and a
wealth of expertise in a variety of international businesses, and I
know he will contribute to the continued success of the
Company."
Robert Moorhead, CFO/COO
said:
"It
has been both a pleasure and an honour to have worked at WH Smith
over the last 20 years. I would like to take this opportunity to
thank Annette and Carl and also my many colleagues, past and
present, for their support and friendship. I am highly confident
that the future for WH Smith is an exciting one and I hand over to
Max knowing that the Company is well set for many years of
continued success."
Max Izzard, incoming CFO,
commented:
"I
am delighted to be joining as Chief Financial Officer of WH Smith.
I have admired the transformation of the business and I am excited
to be joining one of the world's leading travel retailers. I look
forward to working closely with Carl and the leadership team to
help deliver continuing success for our shareholders and other
stakeholders."
Enquiries:
WH
Smith PLC
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Nicola Hillman
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Media Relations
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01793 563 354
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Mark Boyle
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Investor Relations
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07879 897 687
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Brunswick
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Tim Danaher
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020 7404 5959
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Notes:
1. Upon joining WH
Smith, Max Izzard will receive a base salary of £450,000, a pension
allowance of 3% of base salary (aligned to the wider workforce
rate) and an incentive opportunity in line with the WH Smith
Remuneration Policy. He will be eligible to receive a maximum
annual bonus of up to 150% of salary and an annual LTIP award of
300% of salary. Full details of his remuneration, including details
of compensation for remuneration opportunities lost as a result of
him leaving his former employer, will be included in the 2024
Directors' Remuneration Report. His arrangements are in-line
with the current WH Smith Remuneration Policy.
2. Robert Moorhead
will step down from the Board on 30 November 2024 but will remain
as an employee of the Company until 28 February 2025 in order to
assist in the successful transition to Max Izzard as CFO. In
accordance with the Directors' Remuneration Policy, Robert Moorhead
will be treated as a good leaver and any LTIP awards will be time
pro-rated by reference to the date on which he leaves the Company.
Robert Moorhead will not be eligible to receive an LTIP award
in November 2024 but will be eligible to receive a pro-rated bonus
for the financial year ending 31 August 2025. There will be
no payment in lieu of notice. A statement concerning particulars of
remuneration payments in accordance with section 430(2B) of the
Companies Act 2006 will be published on the Company's
website.
3. There are no
additional matters that require disclosure under 9.6.13R of the UK
Listing Rules.