2 Jul 2012 11:25
2 July 2012
Cape plc
("Cape" or the "Group")
Further re Appointment of Group CEO
As previously announced, Cape plc, the international provider of essential, non-mechanical support services principally to the energy and mineral resources sectors, has appointed Joe Oatley, former Chief Executive of Hamworthy plc, as Group Chief Executive Officer with effect from 29 June 2012.
Commensurate with his appointment, Joe Oatley has been awarded nil-cost options over 96,522 Cape ordinary shares under the Cape plc 2011 Performance Share Plan, being equivalent to 60% of his annual basic salary of £420,000, based on the average closing price over the preceding five days.
These options will vest on 19 April 2015 at between 30%-100% on a sliding scale according to a level of 3-year EPS growth of between 5% and 12% over the UK Retail Price Index. These performance conditions are in line with those for Executive Directors described in more detail in the Company's most recent Annual Report and Accounts.
Ends
Biographies
Joe Oatley
Joe joins Cape from Hamworthy plc, a global engineering business serving the oil & gas industry. Joe joined Hamworthy as Chief Executive in 2007 and led the group until its recent takeover by Wartsila. Prior to this his experience was predominantly in the engineering sector in a variety of roles including managing director, in strategy development and acquisitions.
Key Compensation arrangements
Joe Oatley
·; £420,000 p.a. basic salary
·; 120% of basic salary as a bonus opportunity for the financial year ending 31 December 2012 dependent upon achieving a combination of KPI's, measures and objectives
·; Car allowance £14,400 p.a.
·; Employer contribution of 15% of basic salary to a pension scheme of Joe Oatley's choice
·; Death in service benefit of x3 basic salary
Enquiries:
Cape plc
Tim Eggar +44 (0)20 7920 2347
M: Communications
Patrick d'Ancona +44 (0)20 7920 2347
Ben Simons +44 (0)20 7920 2340
About Cape:
Cape plc (www.capeplc.com), which is listed on the main market of the London Stock Exchange, provides a range of non-mechanical industrial services including access systems, insulation, painting, coatings, blasting, industrial cleaning, training and assessment to both industrial plant operators and major international engineering and construction companies.
As a single source provider, Cape is able to provide a range of specialist multi-disciplinary services specifically tailored to meet the needs of the client providing the most intelligent and cost efficient solutions for our customers' non-mechanical in-plant maintenance and capital needs.
In the year ended 31 December 2011, Cape reported revenues of £722.5 million. With scale and leading market positions across its international footprint, Cape employs over 19,000 people in 30 countries.