Last checked at 4 Jan 2018 16:41
PZ Cussons Plc ("the Company")
Section 430(2B) Companies Act Statement - Chris Davis
As announced on 25 July 2017, in connection with his retirement Chris Davis stepped down from the Board on 27 September 2017 and ceased employment with the Company on 31 December 2017.
For the period from stepping down from the Board until his cessation of employment Chris Davis continued to receive his salary and benefits in accordance with the terms of his contract.
The following payments were made in connection with his retirement:
Payment in Lieu of Notice
Chris Davis will not serve his full twelve months' notice period and, as part of an agreed retirement process and orderly handover of responsibilities, instead he received a payment equal in value to two months' basic pay.
Annual Bonus
No bonus will be payable in relation to the financial year ending 31 May 2018. In accordance with scheme rules, an award of 26,017 deferred shares from his annual bonus for the year ending 31 May 2017 vested on cessation of employment.
Performance Share Plan awards
All Chris Davis's outstanding Performance Share Plan awards lapsed.
Accrued but Untaken Holiday Pay
Chris Davis received payment in relation to accrued but untaken holiday.
Pension
Chris Davis was a member of an unapproved unfunded defined benefit pension scheme. In line with past practice, the Company has agreed to make a cash lump sum payment to Chris Davis to settle all obligations under the scheme. Accordingly, a gross cash payment of £279,000 was made on cessation of employment, calculated on the basis of independent actuarial advice and in line with HMRC guidance.
Other payments
The Company met the cost of shipping personal goods and two flights for his return to his native Australia.
Ends
For further information please contact:
Sam Plant, Company Secretary +44 (0161) 4351000