Barratt Developments PLC Changes to Board and Committee Composition (3155M)

TIDMBDEV

RNS Number : 3155M

Barratt Developments PLC

11 January 2023

CHANGES TO BOARD AND COMMITTEE COMPOSITION

Caroline Silver to be appointed as a Non-Executive Director and Chair Designate

The Board of Barratt Developments PLC (the 'Company') is pleased to announce the appointment of Caroline Silver as a Non-Executive Director and Chair designate with effect from 1 June 2023. Caroline will succeed John Allan as Non-Executive Chair on 6 September 2023. She will also join the Remuneration and Nomination Committees on 1 June 2023, and become Non-Executive Chair of the Nomination Committee on 6 September 2023.

Under this planned succession process, led by Jock Lennox, our Senior Independent Director, John Allan will retire from the Board on 6 September 2023 having completed nine years of service.

Commenting on the appointment, John Allan, Chair, said:

"We are delighted that Caroline Silver has agreed to join the Barratt Board. Caroline brings a wealth of knowledge and experience to the Board across a number of commercial, financial, investment banking, governance and Board leadership roles. I am very pleased to be handing over to someone of Caroline's standing and experience. I am certain that she will make a significant contribution to the future business and strategy of Barratt."

Commenting on her appointment, Caroline Silver said:

"I am excited to be joining Barratt, which leads the UK housebuilding industry, particularly in terms of quality and sustainability, putting its customers at the heart of everything it does. The Company is in a strong financial and operational position and continues to perform well despite current market conditions. I look forward to leading the Board and supporting the management team in developing and driving the Company's strategy and performance."

Sharon White to step down from the Board

The Board of Barratt Developments PLC further announces that in order to reduce her non-executive commitments, Sharon White has decided to step down as a Non-Executive Director by 30 June 2023, after nearly five years on the Barratt Board. A further announcement will be made once the date of Sharon's departure is confirmed.

John Allan, Chair of the Company said: "The Board and I would like to thank Sharon for her significant contribution to Barratt and wish her the very best in her future endeavours."

The Board will continue to assess its own composition and that of its Committees. It will also take into account, and continue to meet, the requirements of the Hampton Alexander and the Parker and McGregor-Smith reviews throughout this process.

There are no additional matters that would require disclosure under paragraph 9.6.13R of the Listing Rules.

For further information please contact:

Tina Bains, Group Company Secretary - 01530 278 278

Announcement date: 11 January 2023

Notes:

Caroline Silver is currently Chair of PZ Cussons PLC, a position that she will step down from on 31 March 2023. She is also a Non-Executive Director of Tesco PLC, BUPA and Intercontinental Exchange, Inc. She is a member of the International Advisory Board of Adobe Inc., and a member of the V&A Foundation.

Previously Caroline was a trustee of the Victoria and Albert Museum, a Non-Executive Director of Meggitt PLC and M&G PLC and served on the Board of the London Ambulance Service NHS Trust. She has spent over 30 years in the investment banking sector and until 2020 was a partner and managing director at Moelis & Company, where she remains a senior advisor to the firm. She has held senior corporate finance and M&A positions at Morgan Stanley and Merrill Lynch, starting her career at PricewaterhouseCoopers, where she qualified as a Chartered Accountant.

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January 11, 2023 02:05 ET (07:05 GMT)