KCOM Group PLC Directorate Change (4438O)
May 17 2018 - 7:00AM
UK Regulatory
TIDMKCOM
RNS Number : 4438O
KCOM Group PLC
17 May 2018
17 May 2018
KCOM Group PLC
Directorate change
KCOM Group PLC (KCOM.L) ("Company") announces today that Jane
Aikman, Chief Financial Officer and Executive Director, has decided
to leave the business to pursue other opportunities. Jane will
remain with the Group to ensure that an orderly handover of her
responsibilities takes place, including the finalisation of the
year-end audit, and will continue as a Director until 30 June
2018.
The search process will begin immediately to find her
successor.
Graham Holden, Chairman said:
"Jane has made an important contribution to the business,
particularly her input into the further development and refinement
of the Group strategy and clearer business segmentation. She has
built strong, commercially focused teams and delivered improved
overall governance and controls.
"I would like to thank her for her dedication and commitment to
KCOM and for her support in the orderly transition of her
responsibilities. On behalf of the Board, I would like to wish her
all the best for the future."
KCOM Group will be announcing its full year results for the year
ending 31 March 2018 on 5 June 2018.
The Company stated in its trading update ahead of its Capital
Markets Day on 1 February 2018 that the Group remains on track to
deliver an overall EBITDA performance that is slightly ahead of the
Board's expectation, and a revenue performance slightly behind, for
the financial year ended 31 March 2018.
An update on the process regarding the managed succession for
Bill Halbert, the Group's Chief Executive will be provided at the
full year results.
Enquiries:
FTI Consulting LLP 020 3727 1137
Edward Bridges/Matt Dixon/Jamie
Ricketts/Leah Dudley
KCOM Group PLC 01482 602 595
Cathy Phillips, Investor Relations
The payments to be made to Jane after she leaves the business
are set out below. There will be no other compensation paid for
loss of office. Full details of the relevant payments will be
included in the Directors' Remuneration Report for the relevant
year. All payments are made in accordance with the Directors'
Remuneration Policy which was approved by shareholders on 21 July
2017.
Salary and Benefits
Jane will receive a lump sum payment in lieu of her notice
period of 12 months in accordance with her contractual entitlement
calculated as the sum of her base salary of GBP290,000, and the
value of benefits of GBP18,456 and retirement benefits of
GBP58,000. Her benefits consist of a car allowance, private medical
insurance, health screening, income protection and life
assurance.
The Company has also agreed to make a contribution to Jane's
legal fees incurred in connection with her departure, in accordance
with the Directors' Remuneration Policy.
Annual Bonus
The Remuneration Committee has agreed that Jane will also
receive any bonus for which she is eligible under the annual bonus
scheme for the year ended 31 March 2018, for which the calculations
are still subject to external audit, due to her contribution to the
business throughout the financial year. Further information on
details of the bonus scheme, and the amount payable, will be
included in the Directors' Remuneration Report.
Long Term Incentives
Jane was granted awards under the KCOM LTIP in January 2017 and
July 2017. The performance periods for these awards end in January
2020 and July 2020 respectively. As a good leaver, Jane will be
entitled to receive any shares that vest under the LTIP, pro-rated
to 30 June 2019, in line with her 12 month notice period. The
actual amount of shares will therefore be calculated on each
vesting date, in so far as performance conditions are met at that
time. Full details will be disclosed in the Directors' Remuneration
Report in 2020 and 2021. Further details of the operation of the
LTIP can be found in the Directors' Remuneration Report which will
be published shortly in the Report & Accounts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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