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13 September 2019

The Vitec Group plc

Directorate Change

The Vitec Group plc ("Vitec" or "the Group"), the international provider of premium branded products and solutions to the fast moving and growing "image capture and content creation" market, announces that Kath Kearney-Croft, Group Finance Director, has decided to leave the Company to pursue other opportunities. 

The Board has agreed that Kath will resign as Director and relinquish her current responsibilities with immediate effect but will remain available to the Group for a handover period until 30 September 2019 (the "leaving date"), when her employment will end. 

Martin Green, Executive Director, Group Business Development will become Acting Group Finance Director with immediate effect. The Group is initiating a search process to appoint a permanent replacement for Kath, and a further update on this will be made when appropriate.

Martin has been with Vitec since April 2003 and became an Executive Director in January 2017. Martin is an ACCA-qualified accountant and began his Vitec career in financial reporting. His previous experience includes working at N M Rothschild & Sons and he has an MBA from Cranfield School of Management and an MA in Law from Cambridge University.

Ian McHoul, Chairman, commented:

"The Board would like to thank Kath for her contribution to Vitec and to wish her all the best for the future. Martin is well placed to become Acting Group Finance Director; we are initiating a search for a permanent replacement."

The outlook for 2019 is unchanged, as reported at the Half Year results in August. Vitec expects to release its next Trading Update as scheduled in November 2019, ahead of its Full Year results announcement in February 2020.

Notes to Editors:

Vitec is a leading global provider of premium branded products and solutions to the fast moving and growing "image capture and content creation" market.

Vitec's customers include broadcasters, independent content creators, photographers and enterprises, and our activities comprise: design, manufacture and distribution of high performance products and solutions including camera supports, camera mounted electronic accessories, robotic camera systems, prompters, LED lights, mobile power, monitors, bags, motion control and noise reduction equipment.

We employ around 1,800 people across the world in 13 different countries and are organised in three Divisions: Imaging Solutions, Production Solutions and Creative Solutions.

The Vitec Group plc is listed on the London Stock Exchange with 2018 revenue of £385.4 million.

More information can be found at: www.vitecgroup.com

Details of the remuneration payments to be made to Kath Kearney-Croft are set out below:-

Salary and benefits

Kath Kearney-Croft will receive her salary and benefits (car allowance and income protection) during the remainder of her employment and thereafter will receive an amount in lieu of her salary and benefits during the remainder of her six-month notice period. Payments will be made in monthly instalments over that period. If she obtains an alternative remunerated position during that period then the monthly instalments will be reduced in mitigation.

The Company will maintain healthcare insurance in place for Kath Kearney-Croft for the remainder of her six month notice period following the leaving date.

Pension

Kath Kearney-Croft will receive an amount in lieu of employer's pension contribution at the rate of 15% of salary for the remainder of her employment and thereafter the remainder of the period in lieu of her six-month notice period. This will be paid in monthly instalments over that period and if she obtains an alternative remunerated position during that period then the amount of such monthly instalments will be reduced in mitigation.

Long Term Incentive Plan ("LTIP")

Kath Kearney-Croft's outstanding LTIP awards will lapse with effect from the leaving date, as contemplated by the Company's shareholder-approved Remuneration Policy.

Deferred Bonus Plan ("DBP")

Kath Kearney-Croft's outstanding DBP awards will vest on the normal vesting date as detailed in the table and remain subject to malus and clawback. The Company's Remuneration Committee has exercised its discretion to permit this outcome, which is as contemplated by the Company's shareholder approved remuneration policy.

Annual Bonus

Kath Kearney-Croft will be entitled to a pro-rated bonus in respect of the 2019 financial year to reflect the portion of the year prior to the leaving date and satisfaction of performance conditions once known. The bonus will only pay out in March 2020 following publication of the Company's financial results for the year ending 31 December 2019. The Company's Remuneration Committee has exercised its discretion to permit this outcome, which is as contemplated by the Company's shareholder-approved remuneration policy. Any bonus payment will not be subject to deferral.

Other

Kath Kearney-Croft's sharesave award will lapse with effect from the leaving date.

Kath Kearney-Croft will be entitled to receive a contribution of up to £1,000 (excluding VAT) towards legal fees incurred in connection with her departure.

Further information

The relevant remuneration details relating to Kath Kearney-Croft, including information on the vesting of any outstanding awards detailed above and the dividend equivalents payable on them, will be included in the Directors' Remuneration Report in the Annual Report and Accounts.

In accordance with section 430(2B) of the Companies Act 2006, the information contained in this document will be made available on the Company's website until the Company's next Directors' Remuneration Report is made available.

LEI number: 2138007H5DQ4X8YOCF14