easyJet PLC Appointment of Chief Financial Officer (3612Z)
18 Settembre 2020 - 8:00AM
UK Regulatory
TIDMEZJ
RNS Number : 3612Z
easyJet PLC
18 September 2020
18 September 2020
easyJet plc
('easyJet')
Appointment of Chief Financial Officer
This announcement contains inside information.
easyJet is pleased to announce that Kenton Jarvis will be
joining the Board as Chief Financial Officer, replacing Andrew
Findlay who as previously announced will be stepping down from the
board and leaving easyJet. We will provide an update on Kenton's
start date in due course.
Kenton is currently CEO of Aviation, and Business Improvement
Director - Markets, at TUI Group. He has held a number of senior
group and divisional finance roles since joining TUI in 2003.
Before joining TUI Travel Kenton was the Finance Director of
Airtours Holidays and held a number of commercial finance roles at
Adidas, prior to which he qualified as a chartered accountant with
PwC.
Kenton has extensive experience of the travel and aviation
sector having held a variety of finance roles including serving as
finance director of the Northern region for TUI AG, Group Director
of Finance and Control and Finance Director for the mainstream
sector overseeing GBP12.5bn in revenue. He has served on the
management board for TUI and proven his ability to drive savings
and successful turnaround programmes. This expertise will be
critical as easyJet enters a period of recovery from the most
severe restrictions of the pandemic.
John Barton, Chairman of easyJet, commented:
"We are delighted to appoint Kenton as our next Chief Financial
Officer. He is a candidate of very high calibre bringing with him
vast industry experience and highly relevant skills to the role
which will prove crucial in the coming months and beyond. I would
like to welcome him on behalf of the board of easyJet. I would also
like to take this opportunity to thank Andrew Findlay for his
tremendous contribution over the past five years and continued
commitment and support in helping manage the airline through the
recent unprecedented challenges ."
Johan Lundgren, Chief Executive of easyJet, commented:
" Kenton will join us during this period of exceptional
challenge for global aviation. His depth of knowledge of the travel
industry and financial skills will be key as we continue to rebuild
following the pandemic. I look forward to working closely with him
as we ensure that aviation plays a vital role in the economic
recovery and enables people to fly for holidays and work once
again."
Kenton Jarvis commented:
"I am excited to be joining the most innovative, sustainable and
customer-focused airline in Europe at such a pivotal moment in the
history of the sector. I have great admiration for the team at
easyJet and am proud to be joining them."
For further details please contact easyJet plc:
Institutional investors and analysts:
+44 (0) 7583 101
Holly Grainger Investor Relations 913
Media:
+44 (0) 7985 873
Anna Knowles Corporate Communications 313
+44 (0) 7947 740
Edward Simpkins Finsbury 551
+44 (0) 7733 294
Dorothy Burwell Finsbury 930
A copy of this announcement is available at
http://corporate.easyjet.com/investors
LEI: 2138001S47XKWIB7TH90
Notes:
-- There is no information to be disclosed pursuant to Listing Rule 9.6.13.
-- In keeping with our remuneration policy the new Chief
Financial Officer's remuneration package is designed to provide a
competitive total pay arrangements with a focus on variable pay and
structure in the interest of shareholders. This is achieved through
setting base pay at a competitive level, offering only modest
pension and benefits and with the potential to earn above-market
variable pay subject to the achievement of demanding performance
targets.
-- On appointment annual salary will be GBP520,000 with a
maximum annual bonus opportunity 175% of salary. One-third of any
bonus earned is subject to compulsory deferral into shares for a
period of three years. In addition, there is a long-term incentive
plan (LTIP) to incentivise and reward the successful delivery of
the business strategy and sustained value creation for our
shareholders. LTIP awards will normally be made annually and only
vest based on three-year performance against a challenging range of
targets set and assessed by the Remuneration Committee. Awards
under the LTIP will normally be at 200% of salary with an
additional two-year holding period required following vesting and
prior to their release.
-- Kenton will be expected to build and maintain a shareholding
equivalent of at least 200% of salary over a five year period
following appointment.
-- In accordance with best practice both the bonus and LTIP
contains malus and clawback provisions that will allow easyJet to
recover or withhold value in the event of certain defined
circumstances.
-- Kenton will also receive awards in easyJet shares to
compensate for some, but not all, of the remuneration he is
forfeiting on leaving his previous employer. These will remain
subject to performance conditions where appropriate and reflect the
value of the forfeited awards. The vesting timeline of the
replacement awards will be the same as (or extended from) those
which apply to the forfeited awards.
-- More details of the remuneration package and buyout
arrangements will be provided in the upcoming Annual Report.
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