Last checked at 12 Dec 2022 07:00
This announcement contains inside information
12 December 2022
Xeros Technology Group plc
('Xeros' or the 'Company' or the 'Group')
Directorate Change
Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce the impact of clothing on the planet, today announces that Paul Denney, Chief Financial Officer and Company Secretary, will step down from the Board on 28 February 2023 to pursue new opportunities outside the Company.
A search process for his replacement will commence immediately and Paul is committed to supporting an orderly handover.
As part of the above arrangements and in recognition of his contribution to the business over his six years of service, his status as a "good leaver" under the Company's EMI Share Option Scheme ("EMI Scheme") and Unapproved Share Option Scheme ("Unapproved Scheme") (together, the "Schemes") and to properly incentivise Paul during the transition period, the Remuneration Committee has determined:
1) to allow Mr Denney to keep 1,055,182 unapproved options granted to him in November 2022 under the terms of the Unapproved Scheme; and
2) to waive all vesting criteria attaching to those options.
Discretion to do so is permitted under the terms of the Schemes. All other options held by Mr Denney will lapse according to the terms of the schemes.
Neil Austin, Chief Executive Officer of Xeros said:
"Through his leadership of the finance function and as a Board member and Company Secretary, Paul has played an important role in the evolution of the business over the past six years and through challenging economic conditions. On the eve of the Company's next chapter, he leaves us well placed to continue the commercialisation of our portfolio of technologies.
"On behalf of everyone at Xeros I would like to thank Paul for his significant contribution."
Enquiries:
Xeros Technology Group plc Neil Austin, Chief Executive Officer Paul Denney, Chief Financial Officer | Tel: 0114 321 6328
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finnCap Limited (Nominated Adviser and Broker) Julian Blunt/Teddy Whiley, Corporate Finance Andrew Burdis/Sunila de Silva, ECM
Yellow Jersey PR Sarah Hollins/Lilian Filips/Annabelle Wills | Tel: 020 7220 0570
Tel: 020 3004 9512
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Notes to Editors
POWERED BY SCIENCE, XEROS CREATE TECHNOLOGIES ENGINEERED FOR THE FUTURE
Born out of textile research and advancing new standards of performance and responsibility, Xeros' technologies revolutionise the way we make and clean our clothes, conserving water and preventing waste. Designed to impact industries and people on a global scale, Xeros transform the performance, impact and economics of the fashion and washing machine industry.
Xeros enable the scaling of their innovations and impact by licencing their intellectual property to partners across the globe. Their work has, to date, created 38 patent families.
Xeros' technologies are already in use in major global industries, including commercial and home laundry and garment manufacture. So far, these technologies have saved millions of litres of water and could prevent billions of microfibres from ending in our oceans.
TO THE POWER OF CHANGE
xerostech.com