KCOM Regulatory News (KCOM)

29 November 2018

KCOM Group PLC

("KCOM" or the "Group")

Directorate Change

Following the completion of the handover of his responsibilities to the Group's new Chief Executive Officer ("CEO"), KCOM today announces that Bill Halbert, former CEO and Executive Director of the Group, has resigned from the Board with effect from today.

KCOM announced its CEO succession plan on 22 February 2018 and Graham Sutherland was appointed to the position on 15 October 2018.

Graham Holden, Chairman, said today:

"The Board thanks Bill for his commitment to the handover process and wishes him well for the future."

The payments to be made to Bill are set out below. There will be no other compensation paid for loss of office. Full details of the relevant payments will be included in the Directors' Remuneration Report for the relevant year. All payments are made in accordance with the Directors' Remuneration Policy which was approved by shareholders on 20 July 2018. 

Salary and Benefits 

Bill will receive payments during his notice period of 6 months in accordance with his contractual entitlement calculated as the sum of his base salary of £202,500, and the value of benefits of £8,000, relating to his car allowance and a cash contribution in lieu of retirement benefits of £33,000.

Annual Bonus

The Remuneration Committee has agreed that Bill will also receive any bonus for which he is eligible under the annual bonus scheme for the year ended 31 March 2019, due to his contribution to the business throughout the financial year. Further information on details of the bonus scheme including performance measures, and any amount payable, will be included in the Directors' Remuneration Report within the Group's Report & Accounts for the year ended 31 March 2019.

Long Term Incentives

Bill was granted awards under the KCOM LTIP on 16 December 2015, 8 July 2016 and 7 July 2017. The performance periods for these awards end in 2018, 2019 and 2020 respectively. As a good leaver, Bill will be entitled to receive any shares that vest under the LTIP, pro-rated to 14 April 2019, in line with the end of his 6 month notice period. The actual amount of shares will therefore be calculated on each vesting date, in so far as performance conditions are met at that time. Full details will be disclosed in the Directors' Remuneration Report in 2019,2020 and 2021. Further details of the operation of the LTIP can be found in the Directors' Remuneration Report which will be published in Report & Accounts for the year ending 31 March 2019.