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PZC Pz Cussons Plc

89.20
-1.70 (-1.87%)
Last Updated: 09:06:32
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pz Cussons Plc LSE:PZC London Ordinary Share GB00B19Z1432 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.70 -1.87% 89.20 88.50 89.90 90.90 89.20 90.90 37,764 09:06:32
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Soap And Other Detergents 656.3M 36.4M 0.0849 10.71 389.71M

PZ CUSSONS PLC Board Change (0264C)

13/06/2019 7:01am

UK Regulatory


Pz Cussons (LSE:PZC)
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TIDMPZC

RNS Number : 0264C

PZ CUSSONS PLC

13 June 2019

13 June 2019

PZ Cussons Plc

Board Change

PZ Cussons plc ("PZ Cussons" or the "Company") announces today that Brandon Leigh, Chief Financial Officer, has resigned and has stepped down from the Board with immediate effect.

Caroline Silver, Chair of PZ Cussons, said:

"The Board wishes to express its thanks to Brandon for the significant contribution which he has made to PZ Cussons over 22 years with the business. He was appointed to the Board in 2006 and has played a leading role in the Company's development since that time. We wish him all the very best for the future."

Pending the appointment of a new Chief Financial Officer, Mr Leigh's responsibilities will be assumed by Alan Bergin, currently Commercial Finance Director on the Company's Executive Leadership Team, supported by the Chief Executive Officer.

- Ends -

For further information contact:

 
PZ Cussons Plc 
 Sam Plant - Company Secretary   0161 435 1020 
Instinctif                       Tel: 020 7457 2020 
 Tim Linacre / Guy Scarborough 
 

As required by section 430(2B) of the Companies Act 2006, details of the payments made or to be made to Mr Leigh are set out below:

1. Mr Leigh will receive his accrued salary up to the date he ceased employment with the Company. In addition, he will also receive a further payment of GBP33,791 in lieu of 20 days accrued but untaken holiday.

2. In accordance with the terms of Mr Leigh's employment contract (which entitle him to 12 months' notice of termination) he will receive a lump sum payment totalling GBP480,039.78 in lieu of the value of 12 months' basic salary and contractual benefits.

3. Mr Leigh will not be entitled to a payment under the Company's annual bonus arrangements for the year ending 31 May 2019.

4. The Remuneration Committee of the Board ("Remuneration Committee") has determined that Mr Leigh's 2017 award of 25,587 deferred shares under the Company's Senior Executive Annual Bonus Scheme ("ABS") would vest on 12 June 2019. These shares related to the part deferral of annual bonus earned based on performance in the financial year ending 31 May 2017.

5. The Remuneration Committee has determined that Mr Leigh's unvested 2016, 2017 and 2018 awards under the Company's Performance Share Plan ("PSP") (over 137,808, 125,221, and 209,290 shares respectively) will continue to remain eligible to vest on the normal vesting dates. Any vesting of these awards will only take place subject to the satisfaction of the relevant performance conditions at the end of the relevant performance periods and the number of shares comprised in each award will be pro-rated to reflect the period of employment since the relevant grant date. Any vesting will also be subject to the rules of the PSP and the terms associated with the grant of each award (including any applicable holding period).

6. A sum of up to GBP10,000 will be paid as a contribution in relation to legal services, to be paid directly to a third party service provider.

7. A contribution will be paid towards outplacement support, to be paid directly to a third party service provider.

8. Mr Leigh will be reimbursed for any outstanding expenses reasonably incurred in connection with his employment with the Company.

All sums payable to Mr Leigh will be subject to deductions in respect of tax and national insurance as the Company is required by law to make.

Details of payments made to and receivable by Mr Leigh will be disclosed in the Directors' Remuneration Report within the Company's Annual Report and Accounts for the year ended 31 May 2019, and subsequent years, as appropriate.

Notes to editors:

PZ Cussons Plc is listed on the London Stock Exchange with a market capitalisation of c. GBP850m. The Group operates across Europe, Asia-Pacific and Africa with leading brands in Personal Care, Homecare, Electrical Goods and Food and Nutrition.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

June 13, 2019 02:01 ET (06:01 GMT)

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