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1 Aug 2013 07:00
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1 August 2013
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Appointment of Chief Executive Officer
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Rentokil Initial plc (LSE: RTO), the international support services company, today announces that Alan Brown, Chief Executive Officer, has decided to step down from the Company. After a thorough succession planning process, including an external search, Andy Ransom, currently Regional Managing Director and Executive Director, will succeed Alan as CEO on 1stΒ October 2013. Alan Brown will step down from the Board on that date. He will remain available to support the business to ensure a smooth transition through to the end of January 2014.
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Alan Brown joined Rentokil Initial in April 2008 as Chief Executive. Under his leadership, Rentokil Initial has undergone significant transformation to focus on its core international operations of pest control, hygiene, workwear and plants and has built substantial capability across all functions. It has expanded its geographical footprint significantly in North America, the world's largest pest control market and established a presence inΒ Brazil, China, Turkey, India and the Middle East. The Company disposed of its City Link parcels business in April 2013.
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Andy Ransom joined Rentokil Initial in 2008 from ICI. He is Regional Managing Director of the West Region which includes all operations in the Americas, Middle East, Africa and parts of Europe. He also leads on M&A and Legal.
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John McAdam, Chairman of Rentokil Initial plc, said: "I'd like to thank Alan for his major contribution to the Company. In 2008 we faced huge challenges. Alan has navigated us through many of them and today we are in a much stronger position to continue our international growth strategy.
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"Andy is a natural successor and his experience in running our operations in the Americas, Africa, Asia Pacific and parts of Europe gives the Board every confidence in his ability to build on Alan's achievements. He has a deep understanding of the Company, its global markets and growth opportunities. On behalf of the Board I wish him well."
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Alan Brown said: "I thank the Board, our shareholders and above all my colleagues for the great support they have offered me over the last five years. I am delighted that the Board has chosen Andy as my successor and I wish him every good fortune."
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Rentokil Initial plc's interim results will be published on 14th August 2013 as previously announced. The results are anticipated to be in line with expectations.
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The contractual terms can be found overleaf.
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ENDS
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Note to Editors
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Andy M Ransom (50)
Andy Ransom graduated from the University of Southampton. He qualified as a solicitor in 1987 and joined ICI Plc in the same year, specialising as a senior mergers and acquisitions lawyer in the corporate centre.
He was seconded as Vice President to ICI Explosives in Toronto, Canada, in 1996 and in 1998 became General Counsel for ICI in the Americas, based in New Jersey, USA.
In 2000 he was appointed Group Vice President Mergers and Acquisitions and was appointed as a Member of the Executive Management Team in July 2005 where he was General Counsel, Executive Vice President Mergers and Acquisitions and Company Secretary.
In 2007 he took on executive responsibility for ICI's Regional and Industrial Division, primarily in Pakistan and India.Β
In 2008 he joined Rentokil Initial as an Executive Director, over time taking responsibility for the Company's Pest Control Division and latterly West Region.
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There are no details to disclose under paragraph 9.6.13R of the Listing Rules in relation to Mr Ransom.
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Andy Ransom appointment terms with effect from 1 October 2013
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Salary Β Bonus Β Β LTIP (i) Β Pension Β Car Allowance Β Benefits Β Β Β Β Holidays Β Notice | Β£700,000 Β 100% max 50% "on target" Β 120% target award (200% maximum) Β 25% with NI adjustment Β Β£18,000 pa Β Private medical insurance Income Protection Life Cover D & O Cover Β 25 days pa Β 12 months/12 months employer/employee Β |
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(i) Supplementary LTIP award in 2013 - under the standard LTIP arrangements to be made at the time of appointment to the value of Β£390,000 which represents the difference between current salary and new salary.
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Alan Brown contract details
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Β·; Retiring from the Company with period of notice to expire on 31 January 2014
Β·; Salary and other contractual benefits will be provided until the last day of employment on 31 January 2014
Β·; Bonus entitlement for 2013 service only
Β·; Outstanding LTIP awards will be pro-rated and will vest only to the extent performance conditions are met
Β·; All post-termination contractual restrictions will remain in force
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About Rentokil Initial plc
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Rentokil Initial is one of the largest business services companies in the world, operating in all the major economies of Europe, North America, Asia Pacific and Africa. It employs some 60,000 colleagues providing a range of services in over 60 countries.
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www.rentokil-initial.com
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Enquiries:
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Investors / Analysts enquiries:
Katharine Rycroft, Head of Investor Relations Rentokil Initial plc 01293 858 166
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Media enquiries:
Malcolm Padley, Corporate Communications Rentokil Initial plc 07788 978 199
Justine McIlroy / Catriona McDermott / Oliver Hughes Brunswick Group 020 7404 5959
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