28 Sep 2017 15:44
28 September 2017
Thomas Cook Group plc
(the "Company")
CFO Remuneration Disclosure
The following information is provided in accordance with section 430(2B) of the Companies Act 2006. The arrangements set out below are in accordance with the Directors' Remuneration Policy approved by shareholders at the 2017 Annual General Meeting ("AGM").
As previously announced, Michael Healy is retiring, and will step down as Chief Financial Officer and as a Director of Thomas Cook Group plc on 31 December 2017. Michael has a six month notice period and during this period will remain available to the Board to assist with the transition and will leave employment with the Group on 31 March 2018. Michael will be treated as a good leaver in respect of his bonus and outstanding share awards in line with the plan rules and Directors' Remuneration Policy. There will be no loss of office payment made.
After ceasing employment with Thomas Cook, Michael will continue his non-executive Director roles in Thomas Cook China and Thomas Cook Money. The single consolidated fee for these Board roles will be £80,000 per annum in total, with any additional consultancy fee for advisory work to the Thomas Cook Group plc paid at a rate of £5,000 per day. It is expected that the latter fees will not exceed £60,000 per annum.
Additionally, in advance of the publication of the Directors' Remuneration Report, the Company are providing the key terms of the remuneration arrangements agreed for Bill Scott, taking effect 1 January 2018.
Key terms are as follows: base salary of £420,000; with a bonus up to a maximum of 150% of salary (with deferral of one-third into shares for two years under the rules of the plan); eligibility to participate in the PSP in accordance with the rules of the plan; a shareholding requirement of 200% of salary, pension allowance of 20% of salary; and other benefits in line with the Thomas Cook Group Directors' Remuneration Policy. There is a notice period of 6 months on either side.
In respect of the appointment of Bill Scott, no information is required to be disclosed pursuant to LR 9.6.13.
Details of these arrangements will be included in the Directors' Remuneration Report for the year ending 30 September 2017 under the Company's statement of implementation of remuneration policy in the following financial year.
Enquiries:
Alice Marsden Group General Counsel and Company Secretary 020 7557 6400 | Matthew Magee Head of Corporate Communications 020 7294 7059 |