TIDMTPK 
 
 
   TRAVIS PERKINS PLC - PROMOTION OF CFO TO GROUP COO AND APPOINTMENT OF 
NEW GROUP CHIEF FINANCIAL OFFICER 
 
   The Board of Travis Perkins PLC places great importance on management 
succession throughout the business and planning well in advance at the 
most senior levels in the Group.  As part of its longer term planning, 
the Company announces the following changes: 
 
   Tony Buffin is promoted from the role of Chief Financial Officer to 
Chief Operating Officer.  In his new role Tony will have line 
responsibility for the Plumbing and Heating Division as well as leading 
the development of Toolstation in the UK and Europe and will continue to 
play a pivotal role as an executive director on the Board. 
 
   Alan Williams will join the Group as Chief Financial Officer, replacing 
Tony and reporting to John Carter. Alan will join the Board as an 
executive director with effect from 3rd January 2017. 
 
   Alan has a broad range of experience in both corporate and operational 
roles within large, complex and global public businesses. Currently the 
CFO at Greencore, Alan has played an important role as part of the team 
developing the business and increasing the market value from GBP200m to 
GBP1.4b over 5 years. His earlier career was spent with Cadbury 
Schweppes in a variety of commercial and operational finance roles in 
the UK, France and the USA. His most recent position there was Global 
Corporate Finance Director. Alan brings with him a strong background in 
leading strategic initiatives, mergers and acquisitions, integration and 
business transformation. He is a qualified accountant and treasurer. 
 
   Robert Walker, Non-Executive Chairman Travis Perkins PLC commented: 
 
   "On behalf of the Board and all stakeholders I would like to 
congratulate Tony on his promotion; since joining the Group Tony has 
developed a high quality finance team across the organisation,  helped 
drive and articulate our strategy for growth and our focus on returns, 
built strong relationships with our shareholders and analyst communities 
and significantly improved the cash and funding position of the Group". 
 
   "I am delighted that Alan Williams is joining the Travis Perkins Board. 
We are fortunate that we have been able to attract such a strong senior 
finance professional with broad experience across multiple sectors. The 
Board is confident that Alan will contribute further to the development 
of the Group and returns to shareholders and we look forward to 
welcoming him to the team". 
 
   There is no other information required to be disclosed pursuant to LR 
9.6.13R in respect of Alan Williams. 
 
   Enquiries: 
 
   Matt Johnson 
 
   matt.johnson@travisperkins.co.uk 
 
   +44 (0) 7584 491 284 
 
   Tulchan Communications 
 
   David Allchurch 
 
   DAllchurch@tulchangroup.com 
 
   +44 (0) 207 353 4200 
 
 
   Alan Williams' remuneration arrangements 
 
   Alan William' service contract, remuneration and benefits will be 
consistent with the Travis Perkins Directors' Remuneration Policy 
approved by shareholders at the Annual General Meeting held on 28 May 
2014.  The summary of the key terms is provided here and further detail 
will be set out in the Directors' Remuneration Report. 
 
 
   -- Salary, pension and benefits - Alan's salary will be GBP500,000 per annum, 
      his pension contribution will be 25% of base salary and his benefits will 
      be inSHYline with those set out in our remuneration policy. 
 
 
   -- Performance incentives - These remain unchanged from the approved 
      arrangements for the current CFO,Tony Buffin. His maximum annual bonus 
      will be 150% of base salary and he will receive a maximum award of 150% 
      of base salary under the performance share plan.  Alan will also be 
      eligible to invest up to 50% of his postSHY-tax salary under the 
      co-SHYinvestment plan and receive a maximum matching award of up to 100% 
      of salary.  Alan will participate in these incentive arrangements for 
      2017 and awards will be subject to the same performance measures as other 
      Directors. 
 
 
   -- Forfeited incentives - On leaving his current employer Alan forfeited 
      outstanding incentives under the deferred bonus and performance share 
      plans.  The Committee determined that it was appropriate to 'buy-SHYout' 
      these incentives.  The buy-SHYout awards have been structured as far as 
      possible to be on a 'like for like' basis with awards forfeited in 
      accordance with our remuneration policy. 
 
 
 
 
   -- Deferred bonus shares1- Alan will be granted an award of shares with a 
      value of c.GBP629,000 (the value of awards forfeited3).  These shares 
      will vest in December 2017 and December 2018 in line with the vesting 
      timing for the forfeited awards.   These shares will be subject to 
      continued employment and have no further performance conditions 
      (reflecting the terms of the forfeited awards). 
 
 
 
 
   -- Performance share plan2 - Alan will also be granted an award of shares 
      with a value of c.GBP806,000 (the value of awards forfeited3).  Prior to 
      these awards being granted Alan has agreed to invest c.GBP403,000 (half 
      the value of the grant award3) of his own cash in Company shares and to 
      retain these for the vesting period.  These shares will vest 12 months 
      and 24 months after the award is made and will be subject to continued 
      employment and the achievement of stretching role specific objectives 
      over these periods.  Further details of the performance measures attached 
      to awards will be set out in the Directors' Remuneration Report. 
 
 
 
 
   Tony Buffin's remuneration arrangements will remain unchanged in his 
role as COO. 
 
 
   1. Compensating deferred shares awarded in respect of 2014 and 2015 (vesting 
      2017 and 2018 respectively) 
 
   2. Compensating performance share awards made in 2014 and 2015 (vesting 
      December 2017 and 2018 respectively). An assumed vesting rate of 80% is 
      applied based on an estimate of vesting for these awards. 
 
   3. Based on an indicative Greencore share price of 3.46p. Actual value used 
      will be the average mid-market share price from the date of announcement 
      and the commencement of employment with Travis Perkins. 
 
 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Travis Perkins PLC via Globenewswire 
 
 
  http://www.travisperkinsplc.co.uk/ 
 

(END) Dow Jones Newswires

September 20, 2016 03:30 ET (07:30 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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