Last checked at 18 Feb 2021 07:00
18 February 2021
Grainger plc
("Grainger", the "Group", or the "Company")
Notice of Directorate Change
Chief Financial Officer Appointment
Grainger plc, the UK's largest listed residential landlord, is pleased to announce that Robert Hudson is to be appointed as its next Chief Financial Officer ("CFO").
Rob is currently Chief Finance and Operations Officer of St. Modwen Properties plc and from April 2020 was the Interim Chief Executive, relinquishing this role when the new CEO joined in November. He has over 26 years' experience in finance and real estate; immediately prior to St. Modwen he was Group Financial Controller at FTSE 100 REIT, British Land Co plc, from 2011-2015. From 2000-2011 he held senior financial roles at Experian plc, including Global Finance Director of its Decision Analytics business and UK Finance Director. He is a qualified Chartered Accountant from PwC.
Rob, who will join Grainger as an Executive Director on the PLC Board, is expected to start later this year. He will succeed Vanessa Simms, who informed the Board in October 2020 of her intention to step down as CFO during 2021.
Helen Gordon, Chief Executive of Grainger, said:
"We are delighted that Rob will be joining Grainger as our next CFO. His extensive experience and expertise within the UK real estate sector will bring a valuable contribution to Grainger as we continue to invest responsibly, drive growth and continually improve the business, while delivering strong results and attractive shareholder returns. On behalf of the Board and all of my colleagues, I welcome Rob to Grainger and look forward to working with him."
Rob Hudson said:
"I am delighted to be joining Grainger at this important time in the growth of the company. Grainger has a leading position as the UK's largest listed residential landlord and is central to the UK's housing agenda of delivering high quality rental homes. I am looking forward to being part of the Grainger team and playing a key role in the pursuit of its well-established growth strategy."
There are no other matters to disclose under Listing Rule 9.6.13.
-Ends-
Remuneration Arrangements for Rob Hudson
Rob Hudson's service contract and remuneration will be consistent with Grainger's Directors' Remuneration Policy approved by shareholders at the 2020 Annual General Meeting. A summary of the key terms is set out below.
Base salary, benefits and pension
Rob will receive a base salary of £410,000 and benefits including a car allowance (or equivalent cash supplement) of £15,000, eligibility for private health care, life assurance of 4x base salary and permanent health insurance. He will also receive a cash pension allowance of 10% of base salary, which is in line with the pension rate applicable to the wider workforce and recognises best practice under the UK Corporate Governance Code and investor guidelines.
Annual bonus and long-term incentives
Rob's will be eligible to participate in the annual bonus scheme with a maximum opportunity of 120% of base salary. The bonus will be pro-rated to reflect actual service during the year.
Rob will be eligible to participate in the Grainger Long Term Incentive Plan (LTIP) with a maximum annual award of 175% of base salary in line with our current policy.
Replacement awards
In order to replace incentive awards from his current employer that will lapse or not be awarded as a consequence of his appointment with Grainger, Rob will receive shares in Grainger plc or replacement awards of equivalent value to the amounts forfeit. These awards will vest or be released when the forfeit amounts would have vested or been paid, subject normally to being still employed. Replacement LTIP awards will be subject to minimum additional holding periods and where any of these forfeit amounts were subject to performance hurdles these will remain or be replaced by Grainger performance requirements.