Ricardo PLC Appointment of Chief Financial Officer (0419V)

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RNS Number : 0419V

Ricardo PLC

03 April 2023

3 April 2023

Ricardo appoints Judith Cottrell as Chief Financial Officer

Ricardo plc, a global strategic, environmental, and engineering consulting company, is pleased to announce the appointment of Judith Cottrell as Chief Financial Officer with effect from the end of September 2023. Judith will join the Company and the Board on the 1(st) July.

Ian Gibson will step down as Chief Financial Officer and from the Board, and this will take effect at the end of September 2023. Ian will remain with the Company to allow for a smooth transition of responsibilities following a thorough handover process and will continue until a date to be determined.

Judith, a former KPMG accountant, has more than 20 years' experience working in senior financial and operational roles. She was previously the Group Finance Director for RPS, and, prior to that, she held various senior roles within the company, including Chief Executive of RPS's UK & Ireland consulting business and Group Strategy Director. Before RPS, Judith worked at Ricardo as a Finance Director within our Automotive and Industrial business unit, having originally joined AEA Technology, which Ricardo acquired in 2012.

Mark Clare, Chairman of Ricardo, commented: "We are delighted that Judith is joining us at such an exciting time, as Ricardo accelerates its transformation to become a world-leading strategic and environmental consultancy in environmental and energy-transition solutions. Judith's experience and her extensive knowledge make her an ideal choice as our new Chief Financial Officer and we look forward to welcoming her to the team.

"On behalf of the whole Board, I would also like to pay tribute to Ian's achievements and extend my heartfelt thanks for his significant contributions to Ricardo over the past 10 years, all as Chief Financial Officer. Ian has been a trusted advisor to the Board and has supported both Graham and me when we joined the Company more recently. He is held in the highest regard across the company for his steadfast leadership. Ian will always remain a valued and respected friend here at Ricardo, and we wish him the very best for the future."

ENDS

Remuneration arrangements

Judith will receive a base salary of GBP365,000 per annum and will be eligible for an annual bonus of up to 100% of her base salary, and a long-term incentive award of 130% of salary. All other arrangements are in line with the existing Director's Remuneration Policy.

Ian Gibson will be treated as a "good leaver" and termination payments made in accordance with the current Director's Remuneration Policy. The notice period starts from the date of this announcement. Details of the arrangements on his cessation of employment will be disclosed in due course under the Company's Act in a schedule 430(2B) statement which will be posted on Ricardo's website and further disclosed in the 2023 Director's Remuneration Report.

Additional Disclosures

In accordance with the Listing Rules, there are no further matters requiring disclosure under LR 9.6.13R of the Listing Rules of the Financial Conduct Authority in relation to the appointment of Judith Cottrell.

About Ricardo

Ricardo plc is a global strategic, environmental, and engineering consulting company, listed on the London Stock Exchange. With over 100 years of engineering excellence and close to 3,000 colleagues in more than 20 countries, we provide exceptional levels of expertise in delivering innovative cross-sector sustainable outcomes to support energy transition, scarce resources, and environmental services together with safe and smart mobility. Our global team of consultants, environmental specialists, engineers, and scientists supports our customers in solving the most complex and dynamic challenges to help achieve a safe and sustainable world. Visit www.ricardo.com

Media contacts:

Natasha Perfect, Ricardo [e-mail]

Elisabeth Cowell, SECNewgate [e-mail]

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April 03, 2023 02:00 ET (06:00 GMT)