JLH.L Regulatory News (JLH)

31 Jan 2007 12:58

John Lewis Of Hungerford PLC31 January 2007 John Lewis of Hungerford plc 31 January 2007 Appointment of Director, Board reorganisation and grant of options - Amendment The following replaces the Appointment of Director, Board reorganisation and grant of options announcement (RNS number: 6524N) released 15.42, 11 December 2006. The previous announcement erroneously referred to the exercise price of Optionsgranted to Directors as 123 pence per share rather than 1.23 pence per share. John Lewis of Hungerford plc ("John Lewis" or the "Company") 11 December 2006 Appointment of Director, Board reorganisation and grant of options On 27 September 2006 the Company announced that Jonathan Rosby had been appointed as a Director of the Company and would assume the role of Managing Director following a period of familiarisation. The Board is pleased to announce that it has now been agreed that with effect from 2 January 2007 Jonathan Rosby will take up the role of Managing Director of the Company. Mr Rosby will replace Malcolm Hepworth who assumed the executive responsibilities of Managing Director under a consultancy agreement on 23 January 2006. Mr Hepworth will from 2 January 2007 assume the position of Deputy Chairman. His present contract, which expires in July 2007, will be appropriately amended to reflect this change. As part of this reorganisation effective 2 January 2007, John Lewis, the Chairman of the Company, will relinquish all day-to-day executiveresponsibilities but remain as Chairman on a part time basis. Completing the management reorganisation, the board is pleased to announce the appointment of Charlotte Hill-Baldwin to the Board as Sales Director effective from 11 December 2006 Ms Hill Baldwin has worked for the Company for over six years in a sales capacity, latterly as showroom manager and designer at the Company's Hungerford showroom. Malcolm Hepworth, Managing Director, commented : "We are delighted that Charlotte has agreed to take the position of Sales Director. This further strengthens the Company's management team and completes the Company's new board structure. Charlotte's appointment coupled with the announcement that Jon Rosby will assume full day to day Executive authority from 2 January 2007, ensures the Company enters 2007 with a younger, stronger management team in place that has the skills appropriate to tackling the current and future challenges facing the business.". As part of the management reorganisation the Company has agreed to grant share options in John Lewis (the "Options") to Mr Rosby and to Richard Worthington, the Company's Finance and Commercial Director and Keith Bentley, the Non-executive Director of John Lewis. Details and terms of the Options are as follows:- Name Number of 0rdinary shares of 0.1p each Jonathan Rosby 5,000,000Richard Worthington 2,500,000Keith Bentley 2,500,000 The Options were in each case granted pursuant to the terms of option agreements between the Company and the individuals in question dated 11 December 2006 and are ordinarily exercisable in the period commencing on the third anniversary of grant and ending on the day preceding the tenth anniversary of the date of grant. The Options are in each case exercisable at a price of 1.23 pence per share, being the closing mid-market price of the Ordinary shares of the Company on the business day last preceding the date of grant. In the case of Mr Rosby, his option has been designed to qualify as an EMI option granted under the provisions of Part 7, Chapter 9 and Schedule 5 of the Income Tax (Earnings and Pensions) Act 2003. The options granted to Mr Worthington and Mr Bentley do not qualify as EMI options. Charlotte Hill-Baldwin's details are set out below: Full name: Charlotte Maris Hill-BaldwinPrevious Name: Charlotte Maris ColeAge: 37 Directorships/Partnerships held in the last five years: None This information is provided by RNS The company news service from the London Stock Exchange