Imperial Brands PLC (LON:IMB) has announced that Oliver Tant has decided to retire as Chief Financial Officer and will leave the Company once a suitable successor is found.
Chief Executive Officer Stefan Bomhard and the Board are actively progressing an external search for a successor and are focused on recruiting a high-calibre individual to support Stefan in strengthening performance and creating long-term value for stakeholders.
A further announcement will be made when a new Chief Financial Officer is appointed.
Oliver Tant remuneration on retirement
Oliver will continue to receive his base salary, pension and benefits through to his retirement. Thereafter, any remaining balance of his notice period will be paid on a monthly basis, subject to mitigation.
He remains eligible for a bonus for FY2019/20, which will be assessed on the same performance criteria as other participants at the year end. It will continue to be paid 50% in cash and 50% in deferred shares. To the extent he works through FY2020/21 he will remain eligible for a bonus, subject to performance criteria assessed at the end of the year and pro-rated for the period of service rendered.
Oliver will be treated as a good leaver for the purposes of outstanding LTIP awards. As per the LTIP rules, these awards will continue to vest on their normal vesting dates and remain subject to their original performance conditions. To the extent the performance conditions are met, awards will be pro-rated to reflect the period of service rendered.
On retirement his outstanding deferred bonus awards will be released. Oliver will not be granted any further LTIP awards even if he is still in post at the normal grant date.
Full details of his remuneration arrangements will be disclosed in relevant Directors’ Remuneration Report in due course.
Chair Therese Esperdy said: “On behalf of the Imperial Brands Board, I would like to thank Oliver for the contribution he has made during his seven years with Imperial.”