Capita PLC Directorate Change

 
TIDMCPI 
 
Capita Board Update 
 
On 2 March 2017 Capita plc (Capita), a leading UK provider of 
technology-enabled business process and customer management services, announced 
that Andy Parker would be stepping down from the Group Board and leaving the 
Group later in the year and that the Board had commenced a process to select a 
new Chief Executive. The search process is well advanced. 
 
Today, Capita announces that Andy Parker will step down from the Board and 
leave Capita on 15 September 2017 to pursue the next stage of his career. Nick 
Greatorex, Capita's Group Finance Director, will be appointed as Interim Chief 
Executive from that date until a successor takes up the post as Capita's new 
Chief Executive. During this interim period, Nick will also continue with his 
responsibilities as Group Finance Director. 
 
Sir Ian Powell, Chairman, said: 
 
"I would like to thank Andy Parker for his continued commitment to Capita 
through this transitional period and for the 17 years of service he has given 
to the Group. On behalf of the Board I wish him well in his future career. I am 
pleased with progress in our search process for a successor. The appointment of 
Nick Greatorex as Interim Chief Executive during this transition period will 
enable strong continuity for the business. Nick's in-depth experience of 
working in senior roles at the heart of Capita will give the Group strength of 
leadership during this period. Nick will be fully supported in his interim dual 
role by the Board and the Group and Divisional finance teams and I am delighted 
that he has agreed to take up the role of Interim Chief Executive." 
 
                                    -Ends- 
 
This announcement contains inside information. 
 
Notes for the Announcement 
 
Andy Parker 
 
In accordance with his service agreement, Andy will receive the payments set 
out below (less any required tax withholdings). The payments are in full and 
final settlement of all claims against Capita plc (the Company) and are in 
accordance with the Company's remuneration policy and his contract of 
employment, as set out in the Company's Annual Report and Accounts. 
 
 1. Andy will receive salary and contractual benefits (including pension) up to 
    the date notice is served, 15 September 2017 (the "Termination Date"), 
    together with a payment in lieu of accrued but not taken holiday 
    entitlement as at that time. 
 2. Within 14 days of the Termination Date, Andy will receive: 
 
  * a payment in lieu of notice equal to 12 months' salary (GBP600,000); 
  * GBP45,000 as compensation for pension and company car benefits; and 
  * GBP250 in consideration for enhanced post-employment undertakings. 
 
 1. Subject to achievement of the applicable Company financial performance 
    measures (as determined by the Remuneration Committee), Andy will receive a 
    cash bonus of up to 200% salary in respect of the 2017 financial year. The 
    bonus payment will be reduced on a pro rata basis to reflect the period of 
    employment during 2017 as a proportion of the financial year. The cash 
    bonus will be paid in February 2018, subject to the Company's policy on 
    clawback. 
 2. Andy holds nil-cost options over 69,377 Company shares under the Company's 
    Deferred Annual Bonus Plan which will become exercisable for three months 
    following the Termination Date. 
 3. Outstanding awards held under the Company's Long Term Incentive Plan are 
    expected to lapse on the Termination Date in accordance with the rules of 
    the plan. 
 4. Up to GBP7,500 (excluding VAT) will be paid directly to third party service 
    providers in respect of legal services. 
 5. Andy will be reimbursed for any outstanding expenses properly incurred on 
    behalf of the Company. 
 6. Andy will receive continued life assurance cover and private medical 
    insurance cover consistent with current levels for up to 12 months 
    following the Termination Date. 
 
Full details of all payments made to and receivable by Andy will be disclosed 
in the Directors' Remuneration Report within the Company's Annual Report and 
Accounts for the year ending 31 December 2017, and subsequent years, as 
appropriate. 
 
Nick Greatorex 
 
For the duration of Nick's appointment as Interim Chief Executive, he will be 
paid an allowance of GBP12,500 per month and his bonus for 2017 will be 
calculated on the basis of an apportionment of his salary as Group Finance 
Director and the allowance as Interim Chief Executive. The allowance is not 
pensionable. 
 
For further information: 
 
Capita plc 
 
Tel: [phone] 
 
Shona Nichols, Executive Director, Communications 
 
Andrew Ripper, Head of Investor Relations 
 
Media enquiries 
 
Capita Press Office Tel: [phone] 
 
Powerscourt Tel: [phone] 
 
[e-mail] 
 
Victoria Palmer-Moore, Peter Ogden and Andy Jones 
 
About Capita 
 
Capita is a leading UK provider of technology enabled customer and business 
process services and integrated professional support services. With 73,000 
people at over 450 sites, including 98 business centres across the UK, Europe, 
India and South Africa, Capita uses its expertise, infrastructure and scale 
benefits to transform its clients' services, driving down costs and adding 
value. Capita is quoted on the London Stock Exchange (CPI.L). Further 
information on Capita can be found at: www.capita.com. 
 
 
 
END 
 

(END) Dow Jones Newswires

September 11, 2017 08:39 ET (12:39 GMT)