TIDMVTC
RNS Number : 1981M
Vitec Group PLC (The)
13 September 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
13 September 2019
The Vitec Group plc
Directorate Change
The Vitec Group plc ("Vitec" or "the Group"), the international
provider of premium branded products and solutions to the fast
moving and growing "image capture and content creation" market,
announces that Kath Kearney-Croft, Group Finance Director, has
decided to leave the Company to pursue other opportunities.
The Board has agreed that Kath will resign as Director and
relinquish her current responsibilities with immediate effect but
will remain available to the Group for a handover period until 30
September 2019 (the "leaving date"), when her employment will
end.
Martin Green, Executive Director, Group Business Development
will become Acting Group Finance Director with immediate effect.
The Group is initiating a search process to appoint a permanent
replacement for Kath, and a further update on this will be made
when appropriate.
Martin has been with Vitec since April 2003 and became an
Executive Director in January 2017. Martin is an ACCA-qualified
accountant and began his Vitec career in financial reporting. His
previous experience includes working at N M Rothschild & Sons
and he has an MBA from Cranfield School of Management and an MA in
Law from Cambridge University.
Ian McHoul, Chairman, commented:
"The Board would like to thank Kath for her contribution to
Vitec and to wish her all the best for the future. Martin is well
placed to become Acting Group Finance Director; we are initiating a
search for a permanent replacement."
The outlook for 2019 is unchanged, as reported at the Half Year
results in August. Vitec expects to release its next Trading Update
as scheduled in November 2019, ahead of its Full Year results
announcement in February 2020.
For further information please
contact:
The Vitec Group plc Telephone: 020 8332 4600
Stephen Bird, Group Chief Executive
MHP Communications Telephone: 020 3128 8100
Tim Rowntree/Ollie Hoare
Notes to Editors:
Vitec is a leading global provider of premium branded products
and solutions to the fast moving and growing "image capture and
content creation" market.
Vitec's customers include broadcasters, independent content
creators, photographers and enterprises, and our activities
comprise: design, manufacture and distribution of high performance
products and solutions including camera supports, camera mounted
electronic accessories, robotic camera systems, prompters, LED
lights, mobile power, monitors, bags, motion control and noise
reduction equipment.
We employ around 1,800 people across the world in 13 different
countries and are organised in three Divisions: Imaging Solutions,
Production Solutions and Creative Solutions.
The Vitec Group plc is listed on the London Stock Exchange with
2018 revenue of GBP385.4 million.
More information can be found at: www.vitecgroup.com
Details of the remuneration payments to be made to Kath
Kearney-Croft are set out below:-
Salary and benefits
Kath Kearney-Croft will receive her salary and benefits (car
allowance and income protection) during the remainder of her
employment and thereafter will receive an amount in lieu of her
salary and benefits during the remainder of her six-month notice
period. Payments will be made in monthly instalments over that
period. If she obtains an alternative remunerated position during
that period then the monthly instalments will be reduced in
mitigation.
The Company will maintain healthcare insurance in place for Kath
Kearney-Croft for the remainder of her six month notice period
following the leaving date.
Pension
Kath Kearney-Croft will receive an amount in lieu of employer's
pension contribution at the rate of 15% of salary for the remainder
of her employment and thereafter the remainder of the period in
lieu of her six-month notice period. This will be paid in monthly
instalments over that period and if she obtains an alternative
remunerated position during that period then the amount of such
monthly instalments will be reduced in mitigation.
Long Term Incentive Plan ("LTIP")
Kath Kearney-Croft's outstanding LTIP awards will lapse with
effect from the leaving date, as contemplated by the Company's
shareholder-approved Remuneration Policy.
Deferred Bonus Plan ("DBP")
Kath Kearney-Croft's outstanding DBP awards will vest on the
normal vesting date as detailed in the table and remain subject to
malus and clawback. The Company's Remuneration Committee has
exercised its discretion to permit this outcome, which is as
contemplated by the Company's shareholder approved remuneration
policy.
Type of award - date Outstanding awards Vesting date
made
DBP - 9 April 2018 5,168 9 April 2021
------------------- -------------
DBP - 3 April 2019 5,832 3 April 2022
------------------- -------------
Annual Bonus
Kath Kearney-Croft will be entitled to a pro-rated bonus in
respect of the 2019 financial year to reflect the portion of the
year prior to the leaving date and satisfaction of performance
conditions once known. The bonus will only pay out in March 2020
following publication of the Company's financial results for the
year ending 31 December 2019. The Company's Remuneration Committee
has exercised its discretion to permit this outcome, which is as
contemplated by the Company's shareholder-approved remuneration
policy. Any bonus payment will not be subject to deferral.
Other
Kath Kearney-Croft's sharesave award will lapse with effect from
the leaving date.
Kath Kearney-Croft will be entitled to receive a contribution of
up to GBP1,000 (excluding VAT) towards legal fees incurred in
connection with her departure.
Further information
The relevant remuneration details relating to Kath
Kearney-Croft, including information on the vesting of any
outstanding awards detailed above and the dividend equivalents
payable on them, will be included in the Directors' Remuneration
Report in the Annual Report and Accounts.
In accordance with section 430(2B) of the Companies Act 2006,
the information contained in this document will be made available
on the Company's website until the Company's next Directors'
Remuneration Report is made available.
LEI number: 2138007H5DQ4X8YOCF14
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END
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