Diploma PLC Directorate Change (2401D)
January 30 2018 - 2:00AM
UK Regulatory
TIDMDPLM
RNS Number : 2401D
Diploma PLC
30 January 2018
DIPLOMA PLC
12 CHARTERHOUSE SQUARE, LONDON EC1M 6AX
TELEPHONE: +44 (0)20 7549 5700
FACSIMILE: +44 (0)20 7549 5715
FOR IMMEDIATE RELEASE
30 January 2018
DIPLOMA PLC
APPOINTMENT OF NEW CHIEF EXECUTIVE OFFICER
Diploma PLC ("the Company") is pleased to announce that Richard
Ingram will join the Board on 23 April 2018 as Chief Executive
Officer ("CEO") designate.
As previously announced, Bruce Thompson will retire from Diploma
PLC at the end of September 2018. Bruce has agreed to stand down
from the Board and hand over his CEO responsibilities to Richard at
the Board meeting on 8 May 2018. Bruce will remain available to
support an orderly transition until his retirement.
Richard brings a wide range of executive and leadership
expertise to Diploma PLC with proven experience of growing
international industrial businesses. Since May 2014 he has been
President of Smiths Detection, a division of Smiths Group plc with
revenues of ca. GBP700m and ca. 2,500 employees. Having qualified
as an engineer, Richard's early career included 5 years in the oil
and petrochemical industry at Shell, followed by 8 years in product
marketing and sales at Lucas Automotive. More recently he held
senior management positions in the aerospace industry for 12 years
at TRW Aeronautical Systems and at Goodrich Corporation. His career
has included a number of overseas postings.
John Nicholas, Chairman of Diploma PLC commented:
"Richard is a proven, successful business leader and I'm
delighted to welcome him to the Board. He brings strategic vision
and a strong track record of creating value, he is the ideal person
to lead Diploma in the next phase of evolution and growth and we
all look forward to working with him."
Richard Ingram commented:
"Under Bruce's leadership, Diploma has developed an excellent
track record of organic and acquisitive growth in its chosen
fields. I am delighted to be joining at this time, and look forward
to working with John and the Board in order to lead Diploma on the
next stage of its development."
For further information, please contact:
+44 (0)20 7549
Diploma PLC - 5700
John Nicholas, Chairman
+44 (0)20 7353
Tulchan Communications - 4200
Martin Robinson
David Allchurch
Additional Information
1. As Chief Executive Officer of Diploma PLC, Richard will
receive an annual salary of GBP535,000 and a pension allowance of
15% of base salary. Richard will also be eligible to participate in
the Annual Bonus Plan up to a maximum of 125% of base salary and
the Long-Term Incentive Plan up to 175% of base salary. All these
remuneration arrangements are consistent with the terms of the
Directors' Remuneration Policy which is set out in the 2017 Annual
Report & Accounts and was approved by shareholders at the AGM
on 17 January 2018.
2. Diploma PLC will also compensate Richard for the balance of
his existing share based long-term incentives with Smiths Group
plc. In the year ending 30 September 2018, Richard will be eligible
for a performance bonus of up to GBP1.0 million before tax, of
which up to 40% will be payable in cash and the balance in
restricted shares in Diploma PLC. Any such compensation paid by
Diploma PLC will be subject to a clawback in full should he resign
within 12 months of the date of his appointment as Chief Executive
Officer. To compensate for incentives relating to the years ending
September 2019 and September 2020, Richard will receive an award of
shares under the Company's Long-Term Incentive Plan representing
116.7% and 175% of base salary, respectively. Vesting will be
dependent upon performance conditions set out in the Company's
Long-Term Incentive Plan. Richard will also be required to comply
with the Company's shareholding requirements.
3. No information is required to be disclosed pursuant to
Listing Rule 9.6.13 in respect of Richard Ingram's appointment as a
Director of the Company.
NOTE TO EDITORS:
Diploma PLC is an international group of businesses supplying
specialised technical products and services to the Life Sciences,
Seals and Controls industries.
Diploma's businesses are focussed on supplying essential
products and services which are funded by the customers' operating
rather than their capital budgets, providing recurring income and
stable revenue growth.
Our businesses then design their individual business models to
closely meet the requirements of their customers, offering a blend
of high quality customer service, deep technical support and value
adding activities. By supplying essential solutions, not just
products, we build strong long term relationships with our
customers and suppliers, which support attractive and sustainable
margins.
Finally we encourage an entrepreneurial culture in our
businesses through our decentralised management structure. We want
our managers to feel that they have the freedom to run their own
businesses, while being able to draw on the support and resources
of a larger group. These essential values ensure that decisions are
made close to the customer and that the businesses are agile and
responsive to changes in the market and the competitive
environment.
The Group employs ca. 1,700 employees and its principal
operating businesses are located in the UK, Northern Europe, North
America and Australia.
Over the last ten years, the Group has grown adjusted earnings
per share at an average of ca. 14% p.a. through a combination of
underlying growth and acquisitions. Diploma is a member of the FTSE
250 with a market capitalisation of ca. GBP1.3bn.
Further information on Diploma PLC, together with a copy of this
Announcement, is available at www.diplomaplc.com
LEI: 2138008OG17VYG8FGR19
This information is provided by RNS
The company news service from the London Stock Exchange
END
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