WLW Woolworths

    RNS Number : 3862G
  Woolworths Group PLC
  22 October 2008
   


    22nd October 2008

    WOOLWORTHS APPOINTS ROBERT McDONALD AS GROUP CHIEF FINANCIAL OFFICER

    Woolworths Group plc, the retail and entertainment wholesale and publishing group, is pleased to announce the appointment of Robert
McDonald as Group Chief Financial Officer, replacing Stephen East. Stephen will remain with the company for a period to ensure a smooth and
efficient handover. 

    Robert was previously Group Finance Director of Punch Taverns. Prior to that he had worked in a variety of roles for Allied Domecq. He
will take up his post on 3rd November.

    Commenting on the changes, Steve Johnson, Chief Executive of Woolworths, said: 

    "Robert's appointment is very important for the Group, and I am delighted to welcome him to the team. He has great experience in
finance, strategy and operational business development and is an experienced FTSE 100 CFO.  His experience will be invaluable in driving
through the operational changes within Woolworths and in helping the Group move to the next stage of its development. I would like to thank
Stephen for his significant contribution to the Group over the last three and a half years and wish him well for the future."

    Robert McDonald said: 

    "I am excited to be joining Woolworths. I share Steve's belief that there is space on the high street for a successful home-based
variety store and I look forward to joining the team leading the turnaround of this iconic retail business."

    Stephen East said: 

    "I have enjoyed my time at Woolworths. I will be staying on to ensure a smooth handover before pursuing various non-executive
opportunities. I wish everyone at Woolworths much success for the future." 

    No additional information should be disclosed under paragraph 9.6.13 of the Listing Rules of the UK Listing Authority.

    For further information please contact:

    Tulchan 020-7353-4200
    Susanna Voyle
    Peter Hewer

    Notes to Editors:

    Robert McDonald

    Biography
    Robert McDonald, age 53; 
    Fellow of the Chartered Institute of Management Accountants (FCMA)
    BSc Applied Maths and Computer Sciences
    1976-1977 Easams Ltd
    1977-1982 United Glass Ltd
    1982-1991 Allied Breweries Ltd, Financial and management roles
    1991-1999 Allied Domecq Retail, Finance Director of operating businesss
    1999-2002 Punch Pub Company, Finance Director
    2002-2007 Punch Taverns plc, Group Finance Director

    Remuneration

    
Basic package:
-          Base salary of �330,000 per annum
-          12 month contract
 
Bonus (subject to detailed terms and performance targets):
-          Entitled to a cash bonus of between 40 per cent and 80 per cent of salary
-          Targets to be confirmed
 
One-off incentive plan:
-          Award of nil-cost share options over 12 million Woolworths Group 
-          50 per cent of the award to vest at three years from the date of grant, subject to performance measures
-          50 per cent of the award to vest four years from the date of grant, subject to performance measures
-          Vesting only if share price reaches 12p or above
-          At 12p, 40 per cent of shares vest
-          At 20p, 100 per cent of shares vest
-          Vesting will be calculated on a straight-line basis

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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