Following the previous statement on 27th February 2020 that Jeremy Townsend has decided to retire from the Company, Rentokil Initial plc (LON:RTO) today announces that Jeremy will step down from the Board on 14th August 2020, after 10 years as Chief Financial Officer. He will be succeeded by Stuart Ingall-Tombs, currently Chief Financial Officer of the Company’s North America region. In line with Jeremy’s plan to pursue a non-executive career, and pursuant to Listing Rule 9.6.14(2), the Company also announces that it has been informed that Jeremy Townsend has been appointed to the board of Wm Morrison Supermarkets Plc as a Non-Executive Director with effect from today.
Stuart Ingall-Tombs has been with the Company since 2007 and prior to his current role was CFO Europe and before that Group Financial Controller and Treasurer. He will take up the role of Chief Financial Officer of the Company on 15th August 2020 and will join the Board at that time.
Andy Ransom, Chief Executive, said: “I am delighted that we have appointed Stuart as Chief Financial Officer. I have worked closely with him ever since I joined the Company in 2008, and Stuart has a wealth of knowledge and understanding of our business, including the key North America market. He also has strong leadership skills and a consistent track record of performance which I am confident will enable him to make a significant impact in his new role. I would like to thank Jeremy for all he has done for Rentokil Initial. I have worked side by side with Jeremy over the last 10 years and he has been a wonderful colleague, hugely committed to the Company, providing great expertise, strategic insight and wise counsel to the Board and the executive team. He has also shown great leadership of both the finance team, including the development of his successor Stuart, as well as leading the IT team as CIO for over 5 years. I will miss working with him but wish him all the best for his retirement and non-executive career.”
There are no further details to be disclosed relating to Stuart Ingall-Tombs under Listing Rule 9.6.13.
Full details of Stuart Ingall-Tombs’ remuneration were included in the 2019 Directors’ Remuneration Report, and will apply following his appointment to the Board as Chief Financial Officer with effect from 15th August 2020. His remuneration package will include:
· An annual base salary of £500,000. This will increase to £550,000 on the first anniversary of his appointment, assuming both his and the Company’s performance is satisfactory. He would then be eligible for salary review in line with the wider workforce from January 2023;
· His annual pension entitlement will be 3%, in line with the wider UK workforce; and
· All other elements of his remuneration package, including provisions relating to bonus, bonus deferral, Performance Share Plan awards and minimum shareholding guidelines, will be in line with the Directors’ Remuneration Policy.
Jeremy Townsend will be treated as a good leaver and in accordance with the Company’s approved Directors’ Remuneration Policy and his service contract, as follows:
· He will remain eligible for salary, benefits and bonus until the date he retires from the Company. On ceasing employment, he will not be entitled to receive notice pay in respect of his unserved notice period;
· He will receive no bonus in relation to H1 2020, as communicated in our Q1 Trading Update. If any bonus is payable in relation to H2 , it will be prorated by reference to the period 1st July to 14th August and will be subject to a 40% deferral into Company shares;
· His Performance Share Plan awards which are unvested at the point he retires from the Company will be pro-rated to his leave date and remain subject to the achievement of performance conditions and vesting schedule. Vested shares will be released following the two-year holding period;
· His Performance Share Plan awards that have vested, but are still in their holding period, will be retained in full and released at the end of the holding period; and
· His Deferred Bonus plan awards will be retained in full and released at the end of the deferral period.
Full details will be disclosed in the Directors’ Remuneration Report within the Company’s Annual Report and Accounts for the year ended 31st December 2020 and subsequent years as appropriate.
Richard Solomons, Chairman, said: “Jeremy has made a significant contribution to Rentokil Initial over the last ten years. With Andy, he has been a critical factor in the transformation and success of the Company over this period. After a thorough selection process, the Board is pleased to have chosen Stuart as our next CFO. His international financial and commercial experience and deep understanding of the whole group will support him playing a critical role as we continue to execute our RIGHT WAY strategy. On behalf of the board, I would like to thank Jeremy for all he has done for Rentokil Initial, to wish him well in his retirement, and we look forward to welcoming Stuart to the Board.”