Man Group plc Directorate Change (2134R)
February 28 2023 - 2:01AM
UK Regulatory
TIDMEMG
RNS Number : 2134R
Man Group plc
28 February 2023
Man Group plc
Directorate Change
Man Group plc (the "Company") announces that:
- John Cryan, who has served as a director of the Company since
January 2015 and as Chair of the Board since January 2020, has
decided to retire from the Board towards the end of 2023;
- Anne Wade, who has served on the Board as a non-executive
director since April 2020, will succeed John Cryan as Chair of the
Board upon John's departure in late 2023. At that time, Anne will
step down from her position as Chair of the Remuneration Committee
but will remain a member, and will also assume the role of Chair of
the Nomination Committee. The Company intends to announce the
appointment of a new Remuneration Committee Chair in due course,
who will take over from Anne on her appointment as Chair of the
Board; and
- Dame Katharine Barker, who has served on the Board since April
2017, will step down as a non-executive director of the Company and
as a member of the Audit and Risk Committee and the Remuneration
Committee on 1 April 2023.
The Nomination Committee of the Board (the "Committee") was
cognisant of the fact that, in line with the UK Corporate
Governance Code, John Cryan would be expected to step down from the
Board by 15 January 2024, nine years after his appointment as a
director of the Company. As a consequence, the Committee has been
investing time identifying and considering potential successors for
the Board Chair role. This included, with the assistance of an
external executive search firm, a thorough preparatory external
benchmarking exercise. Following recent discussions, John Cryan has
now informed the Board that he intends to retire before the end of
this calendar year and the Committee has recommended, and the Board
has now approved, the appointment of Anne Wade as the new Chair of
the Board, to take effect upon John's retirement.
Richard Berliand, Senior Independent Director, who was
responsible for leading the Chair succession process said: "Anne's
extensive financial services, asset management and plc Board
experience made her an excellent candidate to chair Man Group's
Board. Since joining the Board in 2020, she has built strong
relationships within the business, as well as with our key
stakeholders, and we are looking forward to the Company's next
chapter with Anne as Chair."
John Cryan said: "It has been a privilege and a pleasure to
serve on the Man Group Board and I would like to thank my fellow
Board members and the executive management team for their support
throughout my tenure. I am delighted that Anne will be succeeding
me as Chair and I feel confident that the Company will continue to
progress from strength to strength for many, many years to
come.
"I would also like to thank Kate for her excellent contributions
to the Board over the past six years. We have benefited
significantly from her extensive knowledge of monetary policy and
public finances. We are very grateful for her insights and, on
behalf of the Board, I wish her all the best."
Luke Ellis, CEO, commented: "It has been a pleasure to work with
John over the years. He has a real breadth of corporate experience
and his perspectives have been incredibly valuable to me and to the
Company. On behalf of everyone at Man Group, I wish him well for
the future.
"The strategy for the Company remains unchanged as we continue
to strengthen our business for the benefit of our clients,
shareholders and stakeholders. We are delighted that Anne will be
taking on the role of Chair. She has already been a great
contributor on the Board and we look forward to continuing to draw
on her extensive experience in the years to come."
Anne Wade commented: "I am delighted to be taking on the role of
Chair, working closely with the Board and the executive team to
guide Man Group through the next phase of its journey. My time on
the Board has already shown me that the Company has a great culture
and an abundance of talent. It is well positioned to capitalise on
its investment expertise and first-class technology capabilities to
deliver outperformance for our clients and excellent value to our
shareholders."
Anne is currently a non-executive director of Summit Materials
Inc. and a Partner at Leaders' Quest. She was previously a
non-executive director at John Laing plc and Holcim Limited and
spent 17 years at Capital International where she held various
senior roles within research and equity investment, with a focus on
the infrastructure sector.
Information equivalent to that required under section 430(2B) of
the Companies Act 2006 will be made available on the Company's
website.
This announcement is made in compliance with the Company's
obligations under Listing Rule 9.6.11R.
Enquiries
Georgiana Brunner
Head of Communications
+44 (0)20 7144 1239
media@man.com
Karan Shirgaokar
Head of Investor Relations
+44 (0)20 7144 1434
investor.relations@man.com
Elizabeth Woods
Company Secretary
+44 (0)20 7144 1733
company.secretarial@man.com
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END
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