Last checked at 2 May 2019 07:00
2 May 2019
McBride plc
Directorate Change and Trading Update
Directorate Change
McBride plc (the "Company") announces that Rik De Vos, CEO, has informed the Board of his decision to leave the Company. A search will commence immediately and Rik has advised the Board that he will remain in position while his successor is being recruited.
John Coleman, Chairman, said:
"Rik has brought a strong vision and laid the foundations of the Company's transformation through the "Manufacturing our Future" strategy. I would like to take this opportunity to thank him on behalf of the Board and colleagues for his contribution. I would also like to thank Rik for agreeing to assist the Board to ensure a smooth handover of his responsibilities. The Board wishes him every success in his future endeavours."
Rik De Vos, CEO, said:
"In recent years, we have achieved much in a challenging trading environment. We have developed a clear strategy in "Manufacturing our Future" and delivered clear benefits from implementing the "Repair, Prepare, Grow" phases. However, I now consider that the Group requires different leadership to deliver the next phase of its growth ambitions. I'm confident that I will be leaving McBride well positioned to realise these ambitions."
An announcement will be made regarding Rik's successor and his departure date in due course.
Trading update
Following a weak third quarter trading period, the Group now anticipates that its full year earnings will be modestly lower than current market expectations, primarily as a result of weaker than expected sales activity in Germany, France and Italy.
The Group expects to provide a trading update for the 12 months ending 30 June 2019 in early July.
For further information please contact: | |
McBride plc | |
John Coleman, Chairman | |
Chris Smith, CFO | 0161 203 7570 |
FTI Consulting | |
Ed Bridges, Nick Hasell | 020 3727 1017 |
Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.
Addendum - CEO Remuneration disclosures
Salary and Benefits
Rik will receive payments during his notice period of six months in accordance with his contractual entitlement namely base salary, payments in lieu of pension contributions and benefits. His benefits consist of a company car, private healthcare, disability insurance and life cover. Full details of Rik's contractual entitlements are included in the Remuneration report 2018.
Incentives
Entitlements to any bonus payment for the current financial year, unvested LTIP entitlements and unvested shares under the deferred bonus plan lapse with this resignation. Full details of unvested awards are included in the Remuneration report 2018.
Full details of any relevant payments will be included in the Directors' Remuneration Report for the relevant year. All payments to be made in the notice period are in accordance with the Directors' Remuneration Policy which was approved by shareholders on 24 October 2017.
-Ends-