Intermediate Capital Intermediate Capital Group Plc -- Board Change

 
TIDMICP 
 
 
   Intermediate Capital Group plc (the "Company") -- Board Change 
 
   The Board of Intermediate Capital Group (ICG) announces that Lord Davies 
of Abersoch has been appointed as a Non-Executive Director and 
Chairman-Designate of the Company (both subject to regulatory approval). 
Lord Davies will join the Board once regulatory approval is obtained and 
will subsequently replace Kevin Parry OBE who, as previously announced, 
will step down after ten years of service in accordance with the revised 
Corporate Governance Code. 
 
   Lord Davies is currently Senior Independent Director of Diageo plc and 
Chairman of Corsair Capital LLC, a private equity firm focused on growth 
opportunities in financial services. He has extensive experience in the 
financial services sector, culminating in his roles at Standard 
Chartered as Group Chief Executive and, subsequently, Chairman. In 
addition, he has wide-ranging governance experience having served on the 
board of a number of significant companies, charities and other bodies. 
 
   Lord Davies has operated in many jurisdictions and served as Minister of 
State for Trade, Investment and Small Business during the Labour 
government of 2009-2010. In September 2010 he was appointed by the UK 
government to review gender equality on the boards of listed companies, 
delivering a series of reports which helped drive an increase in 
diversity across UK boardrooms. 
 
   ICG's Nominations and Governance Committee, led by the Senior 
Independent Director, Andrew Sykes, conducted the search for a 
replacement for Kevin Parry. The Company anticipates that regulatory 
clearance will be received later this year, following which Kevin Parry 
will step down from the Board after an appropriate handover period and 
Lord Davies will at that point assume the role of Chairman. 
 
   Andrew Sykes, Senior Independent Director of ICG, said: "We are 
delighted to announce the appointment of Lord Davies following a 
wide-ranging search. The breadth of his experience, in both public and 
private companies, will be of great value to ICG as we continue our 
growth strategy.  We look forward to him joining the Board." 
 
   Lord Davies said: "It is an honour to have been asked to join the Board 
of ICG as its Chairman and to succeed Kevin Parry.  The Company is very 
well positioned, delivering strong growth and over the last 10 years a 
total shareholder return of over 1000%. I look forward to working with 
the Board and management team to support the continued delivery of their 
ambitions.  I am grateful to Kevin for his insights into the Group and 
wish him well for his next appointment." 
 
   Kevin Parry, outgoing Chairman, said: "I am proud of what has been 
achieved at ICG during my 10 years on the Board, the last three of which 
I have spent as Chairman.  It has been thoroughly enjoyable overseeing 
the Group's transition to a leading global alternative asset manager on 
the verge of entering the FTSE100.  Working closely with two CEOs, we 
have increased significantly shareholder value. I leave the Company in 
the very capable hands of Benoit Durteste and his management team. I 
wish the Board and whole ICG team every success for the future." 
 
   Lord Davies's other appointments are listed below and no other 
information is required to be disclosed pursuant to LR 9.6.13R of the 
Listing Rules of the Financial Conduct Authority. 
 
   Ends 
 
   Contacts: 
 
   Ian Stanlake 
 
   Investor Relations, ICG plc 
 
   D: [phone] 
 
   https://www.globenewswire.com/Tracker?data=6-5h96mfe2L8O1yp8RS2ciBdncVdDc_1Q39sxawRE9OsGNe05ftFsJWjC2E8NUe9ciyf6nX41QbSF0uhPMb1ZlFCg2XWhxVI0T5yeVS1Sjw= 
[e-mail] 
 
   Andy Lewis 
 
   Company Secretary, ICG plc 
 
   D: [phone] 
 
   https://www.globenewswire.com/Tracker?data=1rBNjcGQaxLYWxNpCE9SxPygK0e9_H_mmHflxc6JcxbcPi08a0f9L3QlD3JWKn0RjgiGbfcdL2Ex0lczQdVQfktohOuRfWc_SGeGeJXMS70= 
[e-mail] 
 
   Alicia Wyllie 
 
   Corporate Communications, ICG plc 
 
   D: [phone] 
 
   M: [phone] 
 
   https://www.globenewswire.com/Tracker?data=KfnA5boeEHpD9yiHS74sCs6SgCLMzj9H15YTrv_QnE3h91aoLvZqfPjd4c8sNqziG_rP_Y-4fKAfWiA7QWk0WvUT7-_9I8bb8gvBf9zDXU0= 
[e-mail] 
 
   Notes to editors: 
 
   Committee Appointments 
 
   Lord Davies will become chair of the Nominations and Governance 
Committee and a member of the Remuneration Committee from the date on 
which he succeeds Kevin Parry as Chairman of the Company. 
 
   Interests in shares 
 
   As at the date of his this announcement, Lord Davies and his connected 
persons do not hold any shares in the Company. 
 
   Other selected Non Executive Appointments: 
 
   Diageo plc                                           Non Executive 
Director and Senior Independent Director 
 
   Corsair Capital LLC                            Chairman 
 
   LetterOne Holdings SA                  Chairman 
 
   Selected charities, public bodies and not for profit 
 
   World Rugby Executive Committee         Member 
 
   Lawn Tennis Association                               Chairman 
 
   Glyndebourne Productions Limited         Director 
 
   UK India Business Council                             Chair 
 
   Selected previous roles 
 
   U.K. Minister for Trade, Investment and Small Business and 
Infrastructure in 2009-2010 
 
   Standard Chartered -- Group Chief Executive 2001-2006 and Chairman 
2006-2009 
 
 
 
 

(END) Dow Jones Newswires

October 02, 2019 02:00 ET (06:00 GMT)

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