9 Apr 2020 10:00
9 April 2020
RECKITT BENCKISER GROUP PLC
DIRECTORATE CHANGE
Following the announcement on 21st October 2019 that Jeff Carr would succeed Adrian Hennah as Chief Financial Officer and Executive Director on or before 9th April 2020, Reckitt Benckiser Group plc ("RB") confirms that Jeff Carr's appointment is effective today. Also in line with the previous announcement, Adrian Hennah has stepped down as Chief Financial Officer and Executive Director of the Company with immediate effect from today. Mr Hennah will retire from the Company on 21 October 2020, until which time he will be available to support Mr Carr with the transition.
Financial Information - Adrian Hennah
As required by section 430 (2B) of the Companies Act 2006, it is confirmed Mr Hennah has not and will not receive any payment for loss of office as a Board Director.
His remuneration arrangements on leaving are as set out in RB's 2019 Annual Report, and are reconfirmed as follows:
· Adrian Hennah will be treated in accordance with the Company's approved remuneration policy and his service contract, remaining eligible for salary, benefits and bonus until the date he retires from the Company.
· Any bonus paid for 2020 will be pro-rated to the date of leaving and subject to one-third deferral into RB shares, in line with our remuneration policy.
· All Long Term Incentive Plan (LTIP) awards which are unvested at the point that Adrian retires from the Company will be pro-rated to the date of leaving and remain subject to performance conditions. No 2020 LTIP award will be granted.
· Upon retirement in October 2020, after pro-rating, Adrian will retain an interest under the LTIP in approximately 60,000 shares and 120,000 options vesting dependent on performance to 2020 and 2021, and subject to a further two-year holding period.
Remuneration disclosure - Jeff Carr
The information on Jeff's remuneration package is set out in our 2019 annual report and reconfirmed as follows:
As CFO of Reckitt Benckiser Group, Jeff will receive a salary of £680,000. He will receive a pension allowance of 10% of salary in line with the wider RB workforce in the UK, and other benefits in line with RB Policy. He will be eligible to participate in the Company's existing annual bonus plan with a target of 100% of salary; in line with our Remuneration Policy this has a maximum of 3.57 times and with one-third of any bonus deferred into RB shares for a period of three years. He will receive an initial LTIP grant of 40,000 shares and 80,000 options, for the three-year performance period 2020-2022, followed by a two-year holding period. The share ownership requirement will be 100,000 shares and there will be a formal post-employment shareholding requirement, for two years after departure. As Jeff is moving from the Netherlands to the UK, he is eligible for relocation benefits.
There are no buy out awards being made to Jeff on joining RB.
All remuneration arrangements are consistent with the terms of the Directors' Remuneration Policy approved by shareholders at the AGM in May 2019.
For further Information:Rupert Bondy
Company Secretary
Tel +44 (0) 1753 217 800
John Dawson
SVP, Investor Relations
Tel. +44 (0) 1753 217 800
About RB
RB* is driven by its purpose to protect, heal and nurture in a relentless pursuit of a cleaner, healthier world. We fight to make access to the highest-quality hygiene, wellness and nourishment a right, not a privilege, for everyone.
RB is proud to have a stable of trusted household brands found in households in more than 190 countries. These include Enfamil, Nutramigen, Nurofen, Strepsils, Gaviscon, Mucinex, Durex, Scholl, Clearasil, Lysol, Dettol, Veet, Harpic, Cillit Bang, Mortein, Finish, Vanish, Calgon, Woolite, Air Wick and more. 20 million RB products a day are bought by consumers globally.
RB's passion to put consumers and people first, to seek out new opportunities, to strive for excellence in all that we do, and to build shared success with all our partners, while doing the right thing, always is what guides the work of our 40,000+ diverse and talented colleagues worldwide.
For more information visit www.rb.com
*RB is the trading name of the Reckitt Benckiser group of companies
Reckitt Benckiser Group plc's LEI code is 5493003JFSMOJG48V108