1 Feb 2018 13:00
AVEVA GROUP PLC
Appointment of new Chief Executive Officer ('CEO')
AVEVA Group plc ('AVEVA' or 'the Group'), one of the world's leading providers of engineering data and design IT systems, announces the appointment to its Board of Craig Hayman as CEO with an effective date of 19 February 2018. Craig will be based in the UK.
Mr Hayman is joining from PTC Inc. ('PTC'), where he has most recently been Chief Operating Officer with responsibility for engineering, marketing and sales of the ThingWorx® platform, as well as computer aided design, and product and service lifecycle management solutions.
Previously Mr Hayman served as president of the Solutions Group at PTC, where he led a resurgence in core solutions businesses, while driving sales of the company's IoT technology platform. He also led the successful introduction of a new generation of connected applications for the factory and product development, including Navigate™, the fastest growing new product line in the company's history.
Prior to joining PTC, Mr Hayman was president of eBay's enterprise business, where he led the transformation of its retail-optimised omni-channel commerce business prior to its sale.
Mr Hayman also served more than 15 years in senior leadership positions at IBM, including as worldwide general manager of the SaaS portfolio. He holds a BSc. in Computer Science and Electronics from the University of London.
As previously announced, on Craig's appointment to the board of AVEVA becoming effective, James Kidd, AVEVA's current CEO, will move to become Deputy CEO and Chief Financial Officer ('CFO'), while David Ward will become Deputy CFO and Company Secretary and step down from the Board.
Chairman, Philip Aiken, said:
"The Board and I are delighted to appoint Craig as AVEVA's new CEO. He has more than 30 years of transformational product and sales leadership experience in enterprise technology to call upon during the integration of AVEVA and the Schneider Electric industrial software business. I would like to acknowledge the strong leadership that James Kidd has shown as CEO over the past year. He has been instrumental in returning AVEVA to growth and in executing the transformational combination with the Schneider Electric industrial software business. He will continue to play a vital role in the enlarged Group as Deputy CEO."
CEO designate Craig Hayman, said:
"I am excited to be joining AVEVA at this time of transformational opportunity. I am looking forward to leading the development of the strategy for the enlarged AVEVA Group to drive growth and advance the digitalisation of the industrial world."
There are no further disclosures required in respect of this appointment under paragraph 9.6.13 of the Listing Rules of the Financial Conduct Authority.
Notes for editors:
1. Mr Hayman's package has been structured to comply with AVEVA's shareholder approved remuneration policy and will comprise a base salary of £700,000 together with standard benefits, relocation benefits, a maximum bonus opportunity of 125% of salary and an annual LTIP award over shares worth up to a maximum of 250% of salary. As Mr Hayman joins most of the way through a financial year, his bonus and LTIP in respect of the 2017/18 year will be significantly reduced.
2. Mr Hayman will lose significant equity awards on leaving PTC and he will, therefore, upon his appointment receive by way of "buy-out" a one-off grant of nil-cost options over AVEVA shares, subject to a vesting schedule and other conditions. In structuring these buy-out awards, AVEVA has followed the best practice principles of offering a total potential buy-out of less value than the current expected value of the awards lost, ensuring that those elements subject to pre-vesting performance conditions remain subject to conditions which are intended to be no less challenging and that no element of the buy-out is realised early. In addition, the awards will be subject to an additional requirement that Mr Hayman will normally be required to pay back any amounts vesting (net of tax) should he resign within 2.5 years of joining (or be dismissed for gross misconduct or under one of the summary termination provisions in his service agreement within 3 years of joining).
Enquiries:
AVEVA Group plc
Matt Springett, Head of Investor Relations
Tel: 01223 556 676
FTI Consulting LLP
Edward Bridges / Dwight Burden
Tel: 020 3727 1000