4 Jan 2016 14:56
4 January 2016
Retirement Arrangements for Ken Lever
Further to the announcement made on 30 July 2015 that Ken Lever intended to retire from his role as Chief Executive and from the Board of Xchanging plc (the "Company"), the following information is provided in accordance with section 430(2B) of the Companies Act 2006.
Ken Lever ceased be a Board Director and employee of the Company at the close of business on 31 December 2015.
Ken Lever continued to receive his 2015 salary, pension and benefits up to 31 December 2015.
The Remuneration Committee of the Company has determined that, as a 'good leaver', Ken Lever remains eligible to be considered for a 2015 annual bonus, subject to an assessment of the Company's performance against pre-set targets aligned to the Company's Director Pay Policy.
Ken Lever has vested share awards in the Xchanging 2012 Deferred Share Bonus Plan ("DSBP") and these will be released to him pursuant to the plan rules. The Remuneration Committee has determined that Ken Lever would be treated as a 'good leaver' with respect to unvested awards under the DSBP and Xchanging plc 2007 Performance Share Plan ("PSP").
DSBP awards will vest as soon as practicable following Ken Lever's retirement and as permitted by regulatory requirements. The Remuneration Committee has determined that the PSP awards will vest on the normal vesting date to the extent warranted by performance and subject to the application of prorating. Malus, clawback and holding periods continue to apply. Should there be a change of control of the Company, there are specific provisions in the PSP rules for that circumstance and Ken Lever's interests will be treated consistently with those for other PSP participants.
Details of Ken Lever's remuneration during the 2015 financial year, as well as arrangements on his retirement, will also be disclosed in the 2015 Directors' Remuneration Report to be published later this year.
Enquiries
Xchanging plc Tel: +44 (0) 203 604 6999
Campbell Hair, Global Human Resources Director
Alexandra Hockenhull, Director of Corporate Communications and Investor Relations
Maitland Tel: +44 (0) 207 379 5151
Emma Burdett
Dan Yea