Last checked at 27 Oct 2023 07:00
27 October 2023
RECKITT BENCKISER GROUP PLC
CHIEF FINANCIAL OFFICER DESIGNATE REMUNERATION
DIRECTOR/PDMR SHAREHOLDING
Further to the announcement on 23 August 2023 confirming the appointment of Shannon Eisenhardt as Chief Financial Officer ("CFO") designate with effect from 17 October 2023, and the remuneration outlined within, the Company announces the following detailed remuneration arrangements for Shannon.
Shannon's service contract, remuneration and benefits are consistent with the Directors' Remuneration Policy approved by shareholders at the AGM in May 2022.
As set out when her appointment was announced, as part of Shannon's remuneration arrangements, she is eligible to receive an initial grant of performance shares and performance options ("Award") under the Company's Long Term Incentive Plan ("LTIP") over ordinary shares of 10 pence each in the share capital of the Company ("Shares"), as well as awards to compensate for remuneration arrangements forfeited on leaving her previous employer, NIKE, Inc. ("Replacement Awards").
LTIP Award
On 26 October 2023, a grant of 29,453 performance share awards and 58,905 performance share options was made under the Reckitt Benckiser Group plc 2015 Long Term Incentive Plan to Shannon Eisenhardt. As Shannon is participating in the 2023 LTIP at Reckitt, she has not been compensated for any 2023 LTI awards made by her previous employer. The number of Shares and options disclosed is the maximum that will vest if the stretching performance conditions for the three-year performance period ending on 31 December 2025 are satisfied in full. Further details of the performance targets are set out in the Company's 2022 Annual Report. The awards granted are subject to a two-year holding period following the end of the three-year performance period. Options will be exercisable at £58.87 per share.
Replacement Awards
· On the same day Shannon was granted two Replacement Awards of performance shares as follows:
o 3,526 performance shares were awarded in relation to the long-term incentive award over NIKE, Inc shares granted to Shannon in August 2021, and vesting based on NIKE, Inc's performance over the three-year period ending 31 May 2024. The number of Shares disclosed is the maximum that may vest if the relevant performance conditions are met in full. Determination of the number of Shares that will vest will be referenced to the information set out in NIKE, Inc's proxy statement describing the extent to which the 2021 Performance Conditions have been satisfied. Vesting of the award will be the later of 1 August 2024, or the date the Committee determines the extent to which the relevant Performance Conditions are satisfied following the end of the relevant Performance Period, but no later than 31 December 2024.
o 5,248 performance shares were awarded in relation to the long-term incentive award over NIKE, Inc shares granted to Shannon in August 2022, and vesting based on the measures and targets for the Reckitt 2022 LTIP awards (as disclosed in the Company's 2021 Annual Report). The number of Shares disclosed is the maximum that may vest if the relevant performance conditions are met in full. The performance period is aligned with the Reckitt 2022 LTIP three-year performance period, ending 31 December 2024.
· Furthermore, 5,564 restricted Shares were awarded on the same day in relation to the long-term incentive award over NIKE, Inc shares granted to Shannon in December 2021. Awards are based on continued employment only and will vest in equal tranches in December 2023 and December 2024.
These three Replacement Awards will accrue Reckitt dividend equivalents from the time of grant to the time of vesting.
No consideration was paid for the grant of these awards. The Replacement Awards will be satisfied by Shares purchased in the market.
The following notifications are made in accordance with DTR 3.1.2-A, incorporating article 19(1) of the Market Abuse Regulation.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM |
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Shannon Eisenhardt | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | Chief Financial Officer Designate | ||||||
b) | Initial notification/ Amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Reckitt Benckiser Group plc | ||||||
b) | LEI | 5493003JFSMOJG48V108 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan | ||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2023-10-26 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of performance share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan | ||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2023-10-26 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of performance share awards for nil consideration in relation to NIKE, Inc long-term incentive award over NIKE, Inc. shares
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c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2023-10-26 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of performance share awards for nil consideration in relation to NIKE, Inc long-term incentive award over NIKE, Inc. shares
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c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2023-10-26 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of restricted share awards for nil consideration in relation to NIKE, Inc long-term incentive award over NIKE, Inc shares | ||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2023-10-26 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
For further Information:
Catheryn O'Rourke
Company Secretary
Tel +44 (0) 1753 217 800
Richard Joyce
Head of Investor Relations
Tel. +44 (0) 7408 812062
About Reckitt:
Reckitt* exists to protect, heal and nurture in the relentless pursuit of a cleaner, healthier world. We believe that access to the highest-quality hygiene, wellness and nourishment is a right, not a privilege.
Reckitt is the company behind some of the world's most recognisable and trusted consumer brands in hygiene, health and nutrition, including Air Wick, Calgon, Cillit Bang, Clearasil, Dettol, Durex, Enfamil, Finish, Gaviscon, Harpic, Lysol, Mortein, Mucinex, Nurofen, Nutramigen, Strepsils, Vanish, Veet, Woolite and more.
Every day, more than 30 million Reckitt products are bought globally. We always put consumers and people first, seek out new opportunities, strive for excellence in all that we do and build shared success with all our partners. We aim to do the right thing, always.
We are a diverse global team of c. 40,000 colleagues. We draw on our collective energy to meet our ambitions of purpose-led brands, a healthier planet and a fairer society. Find out more, or get in touch with us at www.reckitt.com
* Reckitt is the trading name of the Reckitt Benckiser group of companies
Reckitt Benckiser Group plc's LEI code is 5493003JFSMOJG48V108