PageGroup Regulatory News (PAGE)

Tuesday 18 October 2022

PageGroup plc

Appointment of Chief Executive Officer Designate

PageGroup plc, the specialist recruitment consultancy (the "Company") is pleased to announce that Nick Kirk has been appointed as Chief Executive Officer designate of the Company.

This follows the Company's announcement in April 2022 that it had commenced a process to identify Steve Ingham's successor. The appointment of Nick Kirk follows a thorough and rigorous selection process, led by the Nomination Committee of the Board.

Nick Kirk has been appointed as Chief Executive Officer designate with immediate effect and he will take over as Chief Executive Officer ("CEO") and join the Board on 1 January 2023. Steve Ingham will step down as CEO and from the Board with effect from 31 December 2022.

Nick has exceptional experience of the Group and the sector. He joined as a consultant in 1995 in Michael Page Sales in the UK. He was promoted to lead that discipline in 2007. In 2009, he transferred across to Page Personnel with a brief to transform the operating model. Following his success in this role, he was promoted to Regional Managing Director in 2013 and took on the additional responsibility of Michael Page Finance. In 2018 he became UK Managing Director and delivered significant progress in the area of DE&I. In January 2021, in addition to running all UK operations, Nick became responsible for the Group's North American business. That year, he led the US - one of the Group's Large High Potential Markets - to a record annual performance.

Angela Seymour-Jackson, Chair, commented:

"I am delighted to announce Nick Kirk as the next CEO of PageGroup. Nick has been critical to the success of the Group to date, having a proven track record of leading the business in key markets such as the UK and North America. Nick's extensive understanding of the Company and its culture will ensure PageGroup continues on its successful growth trajectory.

"Steve Ingham has been an exceptional and inspirational CEO over the last 17 years. He will be missed by employees, candidates and clients alike. Under Steve's leadership since becoming CEO in 2006, the Group has tripled its headcount and gross profit, with operations now in 37 countries. The Board, along with his many friends at PageGroup, wish him the very best, not least in respect of his endeavours to raise the profile, and progression, of disability rights in the workplace."

Steve Ingham commented:

"Having been CEO for 17 years, I understand the privilege and responsibility of this position, and I am delighted to be handing over to Nick. Having worked with Nick for many years I have witnessed first-hand the strength and depth of his leadership and operational skills and his ability to deliver results. I have no doubt that PageGroup will continue to go from strength to strength and continue to create value for all its stakeholders under Nick's leadership."

Nick Kirk commented:

"After nearly 28 years with PageGroup, it is an incredible honour to be appointed as the next CEO. I am excited to have the opportunity to lead this great company and look forward to working with the Board, the Executive Team and our highly talented workforce to drive the business further forward. I would like to thank Steve for his support and mentorship over the years, it has been invaluable. I know that he'll bring the same drive and focus to his work championing the rights of people with disabilities, particularly in the workplace. He leaves the business in great shape, being more diversified across geographies and sectors than ever before and with a purpose-driven and employee-centric culture, which I consider to be unique in recruitment."

ENDS

Enquiries:

Notes:

1. There is no further information in respect of Nick Kirk which would require disclosure under Listing Rule 9.6.13.

2. Nick Kirk's remuneration package comprises a base salary of £600,000, pension contribution (payable as a cash supplement based on a level consistent with the wider UK workforce), participation in the Executive Single Incentive Plan ("ESIP") beginning 1 January 2023 with opportunity level of up to 375% of salary. Full details will be provided in the Directors' Remuneration Report in the 2022 Annual Report and Accounts.

3. The information required to be disclosed under section 430(2B) of the Companies Act 2006 in relation to Steve Ingham will be available on the Company's website in due course.

4. The Remuneration Committee has determined at the point that Steve's employment terminates he would be treated as a good leaver under the ESIP with associated treatment consistent with that outlined within our Remuneration Policy. In summary this will mean:

a. Steve will be eligible to receive an award under the ESIP for performance up to 31 December 2022. 40% of this would be delivered in cash in March 2023, and the remaining 60% as an award over PageGroup shares, which would vest equally in March 2025 and March 2026.

b. Existing in-flight awards under the ESIP would continue to vest on their scheduled vesting date, with no acceleration. This is consistent with the design of the ESIP, and the Policy agreed by shareholders, and is driven by the fact that awards under the ESIP are made following completion of the respective performance period rather than at the start of it (in contrast to a Performance Share Plan operated by many companies).

c. Steve will be bound by the Post-Cessation Shareholding Policy, requiring him to retain PageGroup shares for a minimum of 24 months following his departure from the business. 

Full details of any awards made to Steve in respect of the ESIP for 2022, along with treatment of all outstanding share awards and details of the post-cessation shareholding requirement will be disclosed within the 2022 Annual Report and Accounts.