Last checked at 15 May 2015 16:15
Stock Exchange Release
15 May 2015, 4.15pm London, UK
Directorate Change
Intertek Group plc (Intertek) today confirms the following changes to the composition of the Board and information required under section 430(2B) of the Companies Act 2006.
Board changes
These changes are effective following today's Annual General Meeting as set out below. The change of CEO was previously announced on 29 September 2014.
· Wolfhart Hauser retires as CEO and from the Board as an Executive Director on 15 May 2015.
· André Lacroix joins Intertek as CEO and the Board as an Executive Director from 16 May 2015.
· Christopher Knight retires as Chairman of the Remuneration Committee and as a Non-Executive Director on 15 May 2015 after nine years of service.
· Mark Williams, a current Non-Executive Director, has been appointed a member of the Nomination Committee and Remuneration Committee and will act as the interim Chairman of the Remuneration Committee from 15 May 2015 until a new Non-Executive Director is appointed.
Listing Rule 9.6.13R disclosure information regarding André Lacroix was included in the announcement made on 29 September 2014.
Remuneration arrangements
Details regarding Wolfhart Hauser and Christopher Knight are provided in accordance with section 430(2B) of the Companies Act 2006.
Wolfhart Hauser
· After stepping down as CEO and Executive Director from 15 May 2015, Wolfhart Hauser will remain an employee and be available to support André Lacroix as required until 31 December 2015.
· Wolfhart Hauser will receive his current salary and benefits from 16 May 2015 until 31 December 2015. There will be no payment made in lieu of notice.
· He will be eligible for an annual bonus in 2015 for the period from 1 January 2015 to 16 May 2015, calculated according to the usual full year criteria and will be pro-rated and paid in 2016. No bonus will be paid for the period from 16 May 2015 to 31 December 2015.
· Wolfhart will not receive a Performance Share Award under the Long-Term Incentive Plan (LTIP) for 2015. The LTIP awards made in 2013 and 2014 will vest as follows: his Deferred Share Awards will be released in full after 31 December 2015; his Performance Share Awards will vest according to the original dates and criteria and pro-rated for time served.
Christopher Knight
No remuneration payments have been made or are due to be made following his retirement and no payments have been made for loss of office.
-ends-
Contacts:
Investor Relations, Intertek Group plc - Telephone: +44 (0) 20 7396 3400
investor@intertek.com
Richard Mountain, FTI Consulting - Telephone: +44 (0) 20 3727 1340
richard.mountain@fticonsulting.com
About Intertek
Intertek is a leading quality solutions provider to industries worldwide. From auditing and inspection, to testing, training, advisory, quality assurance and certification, Intertek adds value to customers' products, processes and assets. With a network of more than 1,000 laboratories and offices and over 38,000 people in more than 100 countries, Intertek supports companies' success in a global marketplace. Intertek helps its customers to meet end users' expectations for safety, sustainability, performance, integrity and desirability in virtually any market worldwide. Intertek Group plc (LSE: ITRK) is listed on the London Stock Exchange and is a constituent of the FTSE 100 index. Visit www.intertek.com