Morgan Advanced Materials PLC Board Change (0335B)
October 02 2015 - 2:00AM
UK Regulatory
TIDMMGAM
RNS Number : 0335B
Morgan Advanced Materials PLC
02 October 2015
RNS Announcement Morgan Advanced Materials Plc
Board change
Following a review of group operations Regional Presidents will
now report directly to Pete Raby, Chief Executive Officer. As a
consequence the role of Chief Operating Officer will no longer be
required.
Dr. Andrew Hosty, who has been Chief Operating Officer since
February 2013, will continue to report directly to the Chief
Executive Officer to provide advice on a review of business and
future technology strategy. He will step down from the Board and
leave the Company on 8(th) January 2016.
Andrew Hosty joined Morgan in 1991. He was promoted to General
Manager in less than a year after joining the Company. He joined
the Group Executive Committee in 2002. Latterly, he was Chief
Executive of the Morgan Ceramics Division, and was appointed to the
main Board in July 2010.
Andrew Shilston, Chairman said:
"On behalf of the Board, I would like to thank Andrew for his
considerable contribution to the Company over more than 24 years of
service, during which he has played a key role in transforming the
results and prospects of the businesses he has led, and has helped
to give Morgan strategic options for the future. He has also
represented Morgan in the wider Ceramics professional and academic
community, in which his technical and commercial insights are well
respected."
Andrew Hosty, Chief Operating Officer, said:
"It has been a privilege to work at Morgan and to help build a
truly differentiated and profitable Materials Science business. I
wish the group continued success."
The following information is provided in accordance with Listing
Rule 9.6.11 and Companies Act
Section 430(2B).
As announced today Dr. Andrew Hosty will be stepping down as a
director of Morgan Advanced Materials Plc on 8th January 2016.
Payment in lieu of notice
The following payments will be made to Dr. Hosty:
-- Dr. Hosty will remain an employee and director of the Company
until 8th January 2016 and will continue to receive his contractual
pay and benefits for that period.
-- The Company will make three payments each of GBP104,468.02
gross to Dr. Hosty, in lieu of notice for the remainder of his
contractual notice period, made up of base salary, the cash
equivalent of pension contributions and other benefits. The first
of these payments will be made on his termination date and the last
will be made no later than September 2016.
-- If Dr. Hosty obtains an alternative remunerated position
prior to 1 October 2016 the Company will be entitled to make a
corresponding reduction to the above payments.
-- The Company will also pay outplacement fees up to GBP20,000 plus VAT.
Retained share awards
Morgan Advanced Materials Bonus Deferral Share Matching Plan:
Dr. Hosty's 7,474 deferred shares will vest following termination
of his employment. These deferred shares were awarded as a result
of performance under incentive schemes in prior years. Dr. Hosty
may also be entitled to a matching award under the rules of the
plan of up to 22,422 shares which may vest on the normal vesting
date subject to the achievement of performance criteria over the
full performance period. Dr. Hosty will also receive additional
shares of equivalent value to the dividends that have accrued over
the vesting period on his deferred shares and on any matching
shares that vest subject to performance.
Morgan Advanced Materials Long-Term Incentive Plan: In line with
the leaver provisions set out in the Remuneration Policy, Dr. Hosty
will retain an interest over 205,955 shares under the LTIP. This
interest reflects Dr. Hosty's outstanding LTIP awards at the date
of termination of his employment, pro-rated for time, and which
will vest on their normal vesting dates subject to the achievement
of applicable performance criteria over the full performance
period.
Morgan Advanced Materials Sharesave Scheme - Dr. Hosty holds
options over 3,634 shares and he will have six months to exercise
options to the extent of his savings under the scheme from the date
of leaving.
All payments are in line with the Company's Remuneration Policy
(which was approved by shareholders at the 2014 AGM). No further
payments are to be made to Dr. Hosty in connection with his loss of
office or the cessation of his employment.
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[Ends]
This information is provided by RNS
The company news service from the London Stock Exchange
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