Last checked at 13 Jan 2014 12:15
13 January 2014
Grainger plc
DIRECTORATE CHANGE
Grainger plc ("the Company") announces that Peter Couch, Chief Operating Officer, will be leaving the Company on 31 January 2014.
Andrew Cunningham, Chief Executive Officer, said on behalf of the Board: "Peter has made a significant contribution to the evolution, growth and improvement of the business over the past nine years. His commercial acumen and management skills were invaluable during a challenging period in the Company's history. I am very appreciative of all he has achieved and offer my best wishes to him in his future endeavours."
The Company will not be seeking a replacement for this role.
For further information, please contact:
Grainger plc
Andrew Cunningham, Chief Executive
Tel: +44 20 7795 4700 / +44 (0)191 261 1819
FTI Consulting
Stephanie Highett/ Dido Laurimore/ Will Henderson/ Nick Taylor
Tel: +44 (0) 20 7831 3113
Notes
The information set out below in relation to remuneration will be shown on the Company's website in accordance with Section 430(2B) of the Companies Act 2006.
On cessation of employment, Mr Couch will receive the following:
· The value of his salary, and his contractual benefits, including pension payments, which would have accrued to him during his notice period (payments will be made monthly and subject to mitigation)
· A severance payment calculated by reference to his base salary
· Any performance related share options under the Company's Long Term Incentive Plan ("LTIP"). Depending on the LTIP performance conditions being met, the number of shares Mr Couch will receive will be prorated to the date of cessation of employment in accordance with the rules of the LTIP approved by shareholders
· Any entitlements under the Company's Employee Share Incentive and SAYE plans in accordance with the rules of these schemes.
Grainger plc - company background information
Grainger plc is the UK's largest listed residential property owner and manager, with c £2.8bn of residential assets under management across the UK and Germany. Grainger generates income through:
· Sales of properties when they achieve optimum valuations
· Rent from its portfolio of tenanted properties
· Fees for the management of residential properties and the provision of its expert services to select third party clients.
Additionally, Grainger is a leading provider of equity release products through its award-winning subsidiary brand, Bridgewater Equity Release.
Grainger was established in 1912 in Newcastle upon Tyne, where it remains headquartered. Grainger is a constituent of the FTSE 250 on the London Stock Exchange and the FTSE4Good index. Grainger was awarded the UK's Residential Asset Manager of the Year at the RESI Awards in 2012 and 2013.