Intermediate Capital Group PLC Chief Executive Officer Change (3877A)
March 23 2017 - 12:30PM
UK Regulatory
TIDMICP
RNS Number : 3877A
Intermediate Capital Group PLC
23 March 2017
Intermediate Capital Group plc ("ICG" or the "Company")
23 March 2017
CHIEF EXECUTIVE OFFICER CHANGE
Intermediate Capital Group, the specialist asset manager,
announces that after 23 years with the Company Christophe Evain,
Chief Executive Officer and Chief Investment Officer, has decided
to step down from his responsibilities at the Company's Annual
General Meeting on 25 July 2017. The Board has appointed Benoit
Durteste to replace Christophe Evain as Chief Executive Officer and
Chief Investment Officer, with effect from that date and subject to
his re-election as a Director at the AGM.
Benoit Durteste joined ICG's European team in 2002, becoming an
Executive Director and member of the Executive Committee in 2012.
Benoit is currently Head of European Investments directly
overseeing a number of the group's largest strategies, and is a
member of all ICG's key Investment Committees worldwide. Benoit is
a leading fund manager and, since joining the Executive Committee,
has been closely involved in setting and delivering the Group's
strategy, including leading the Group's global expansion into the
secondaries asset class.
The Nominations Committee of the Board has kept executive
succession under regular review and recently engaged an external
search firm to complement its work. After benchmarking a number of
external candidates, the Committee concluded that Benoit Durteste's
extensive investment and fundraising experience, deep knowledge of
the Company and its operations, and commitment to increasing
shareholder value through the delivery of the Group's strategic
objectives made him the outstanding candidate to be appointed Chief
Executive Officer and Chief Investment Officer.
Kevin Parry, Chairman of ICG, said:
"On behalf of the Board and management team of ICG, I would like
to thank Christophe for his outstanding contribution to the Company
over the last 23 years, the last seven of which have been as Chief
Executive Officer. During his tenure as Chief Executive, the
Company has successfully transitioned from an investment company to
a fund management company supported by ICG's balance sheet.
"Whilst it is always disappointing when a successful Chief
Executive Officer wishes to step down from his executive
responsibilities, I am delighted that Benoit Durteste will succeed
Christophe from July. This ensures a continuity of management at a
time when market conditions are favouring alternative asset
managers. Together with my Board colleagues, I look forward to
continuing to work with Benoit to deliver further strategic
developments and shareholder value."
Christophe Evain said:
"I am proud of what we have achieved to date at ICG, delivering
strong profitable growth and transitioning our business model from
being primarily an investment company to a leading specialist asset
manager. In so doing we have generated substantial shareholder
value. After 23 years at ICG, my decision to retire has not been an
easy one to make; however, I leave the Company in capable hands
with Benoit and the rest of the management team. I wish Benoit, the
rest of the Board and the whole ICG team every success for the
future."
Benoit Durteste said:
"It is an honour to have been asked to succeed Christophe as
Chief Executive Officer and Chief Investment Officer of the
Company. Since joining ICG, I have found Christophe's experience
and advice, coupled with his commitment to the success of the
business, invaluable. The Company is well positioned to take
advantage of the opportunities that the current market conditions
present and I look forward to working with the Board and the wider
management team to deliver our strategy. Finally, on behalf of
everyone at ICG, I wish Christophe all the best for the
future."
This statement contains information which, prior to this
announcement was insider information.
Enquiries
Analyst / Investor enquiries:
Kevin Parry, Chairman,
ICG +44(0) 20 3201 7979
Ian Stanlake, Investor
Relations, ICG +44 (0) 20 3201 7880
Media enquiries:
Neil Bennett, Tom Eckersley,
Maitland +44 (0) 20 7379 5151
About ICG
ICG is a specialist asset manager with over 28 years' history in
private debt, credit and equity. Our objective is to generate
income and consistently high returns whilst protecting against
investment downside. We seek to achieve this through our expertise
in investing across the capital structure. We combine flexible
capital solutions, local access and insight with an entrepreneurial
approach to give us a competitive edge in our markets. We are
committed to innovation and pioneering new strategies where we can
deliver value to our investors. ICG has EUR22.6bn of assets under
management globally (as at 31 December 2016); we are listed on the
London Stock Exchange (ticker symbol: ICP), and regulated in the UK
by the Financial Conduct Authority (FCA). Intermediate Capital
Group, Inc. is a wholly-owned subsidiary of ICG and is registered
as an investment adviser under the U.S. Investment Advisers Act of
1940. Further information is available at: www.icgam.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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