The Vitec Group PLC Directorate Change (3751X)

TIDMVTC

RNS Number : 3751X

The Vitec Group PLC

21 February 2017

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

21 February 2017

The Vitec Group plc

Appointment of new Group Finance Director

The Vitec Group plc ("Vitec" or the "Group"), the international provider of products and services for the broadcast and photographic markets, is pleased to announce the appointment of Kath Kearney-Croft as Group Finance Director. Kath will join Vitec as a Director on 24 April 2017.

Most recently, Kath held the position of Acting Finance Director at Rexam PLC until its acquisition by Ball Corporation Inc. in June 2016. Kath had been with Rexam since 2007 in a number of financial leadership roles. Rexam was a multinational consumer packaging company and a leading manufacturer of beverage cans.

Kath was previously with BOC Group plc for nine years, qualifying as a Chartered Management Accountant in 2001, and holding a number of operational financial roles in the UK and US. Kath has an MBA with distinction from Manchester Business School and a first class degree in Business and Management from the University of Salford.

Paul Hayes, current Group Finance Director will be leaving Vitec on 28 April 2017, to join Consort Medical.

John McDonough, CBE, Chairman of Vitec, commented:

"On behalf of the Board, I would like to welcome Kath to Vitec. She brings with her impressive commercial and manufacturing experience in market leading global industrial companies. The combination of her proven leadership skills along with a strong track record of delivery in successful organisations will help us to continue to deliver our strategy to realise growth."

Kath Kearney-Croft added:

"I am delighted to be joining Vitec and to help build on its leading position in the growing image capture and sharing market. With its global footprint, premium products and strong balance sheet, I am really excited about having the opportunity to work with an ambitious team to grow the business."

There are no further matters to be disclosed in accordance with paragraph 9.6.13 of the Listing Rules of the UK Listing Authority.

Details of Kath's remuneration package will be published with the 2017 AGM notice and circular to be sent to shareholders on 14 March 2017.

Disclosure of Paul Hayes' remuneration up to leaving date

The information below is provided in accordance with section 430(2B) of the Companies Act 2006 and covers the remuneration to be paid to Paul Hayes up to and including his leaving Vitec on 28 April 2017.

All payments are in line with the Company's Remuneration Policy for a leaver as published in the 2013 Annual Report and Accounts and approved by shareholders at the 2014 AGM.

Salary and benefits

Paul Hayes will receive his salary, benefits and pension allowance as usual until 28 April 2017 when he ceases to be an employee and Director of the Company. Paul will not qualify for any bonus to be earned for the 2017 financial year.

Share awards

LTIP Awards for 2015 and 2016 will lapse on Paul ceasing to be a director.

Sharesave awards for 2014 and 2015 will lapse on Paul ceasing to be a director.

Deferred Bonus Plan core award shares for 2015 and 2016 plus associated dividend shares will be paid out to Paul upon him ceasing to be a director.

Paul will not receive any LTIP award for 2017 and will not be required to defer any bonus earned for 2016.

Enquiries:

The Vitec Group plc

John McDonough, CBE, Chairman

Stephen Bird, Group Chief Executive

Telephone: [phone]

MHP Communications

Tim Rowntree

Jamie Ricketts

Ollie Hoare

Telephone: [phone]

A Snapshot of The Vitec Group

The Vitec Group plc is a leading global provider of premium branded products and services to the fast changing and growing "image capture and sharing" market.

Vitec's customers include broadcasters, independent content creators, photographers and corporates, and our activities comprise: design, manufacture and distribution of high performance products and software including camera supports, wireless systems, robotic camera systems, prompters, LED lights, mobile power, monitors and bags; and premium services including technical solutions, systems integration and equipment rental for TV production teams, film crews and enterprises.

We employ around 1,700 people across the world in ten different countries and are organised in two Divisions: Broadcast and Photographic.

The Vitec Group plc is listed on the London Stock Exchange with 2016 revenue of GBP376.2 million.

More information can be found at: www.vitecgroup.com.

LEI number: 2138007H5DQ4X8YOCF14

This information is provided by RNS

The company news service from the London Stock Exchange

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February 21, 2017 02:01 ET (07:01 GMT)