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1 Aug 2019 10:26
1 August 2019
Ibstock plc
Director Change
Further to the announcement issued on 6 February 2019, Ibstock plc ('Ibstock' or the 'Company') announces that Chris McLeish has today been appointed a director of the Company.
Enquiries
Citigate Dewe Rogerson Kevin Smith Nick Hayns | + 44 (0)20 7638 9571 |
Notes to Editors:
Remuneration:
Chris McLeish's remuneration arrangements, which are consistent with the Directors' Remuneration Policy approved by shareholders, will take effect from 1 August 2019, as summarised below:
·; | Base salary - £300,000 p.a.; |
·; | Pension - 10% of salary cash allowance; |
·; | Annual bonus opportunity - up to 125% of salary; and |
·; | Long Term Incentive Plan - 125% of salary for 2019 (normal award for 2019 is 100% of salary for Executive Directors). The increased quantum for 2019 was negotiated as part of Mr McLeish's recruitment from Tate & Lyle plc in lieu of one of the Tate & Lyle share awards which is not otherwise covered under the buy-out arrangements. From 2020 onwards awards of 150% of salary will be made, subject to performance |
Chris also held a number of cash and share incentives under various Tate & Lyle plc incentive plans. In line with the approved Directors' Remuneration Policy, replacement awards form part of the recruitment remuneration.
A cash payment of £97,949 will be made to Chris on appointment to compensate the value of his 2018 annual bonus earned which was forfeited on cessation.
In addition, it has been agreed to grant a buy-out award of 60,393 Ibstock plc ordinary shares of 1p each. The award is to compensate, on a fair value basis, the value forgone by Chris McLeish for share awards forfeited on cessation of employment with his previous employer. The fair value of the award has been reduced to take account of the original performance period and the proportion of satisfaction of the performance conditions as at the time of the buy-out. The vesting level will be revisited at the time of vesting to adjust the number of Ibstock shares which vest to reflect the actual vesting of the original Tate & Lyle awards.
Full disclosure of these remuneration arrangements will be provided in the Directors' Remuneration Report to be published in 2020.
Ibstock plc is a leading manufacturer of clay bricks with a diversified range of clay and concrete products, and operations in the United Kingdom and the United States. Its principal products are clay bricks, brick components, concrete roof tiles, concrete substitutes for stone masonry, concrete fencing and general concrete building products.
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