REG - Bellway PLC - Directorate Change

BellwayAnnouncement

11/10/2024 07:00

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RNS Number : 7868H  Bellway PLC  11 October 2024

 

Bellway p.l.c.

Board changes

Retirement of Group Finance Director and Appointment of Chief Financial
Officer

 

 

Bellway p.l.c. ('Bellway' or 'the Group'), the national housebuilder,
is pleased to announce today, 11 October 2024, the appointment of Shane
Doherty as Chief Financial Officer.

 

Shane Doherty, who was the Group Chief Financial Officer of Cairn Homes PLC
('Cairn') (a company trading on both the Euronext Dublin and the London Stock
Exchange) until April 2024, will join Bellway on 2 December 2024 as Chief
Financial Officer and be appointed as a member of the Board with effect from
that date.

 

Shane has significant experience in the housebuilding sector, having spent
over four years at Cairn. Prior to this, he held a number of other senior
finance roles across multiple sectors including as Chief Financial Officer at
Morgan McKinley and European Finance Director at Flutter Entertainment PLC
(formerly Paddy Power Betfair PLC). Shane qualified as a chartered accountant
with PricewaterhouseCoopers in 2000.

 

John Tutte, Chair of Bellway, said: "Shane is a senior finance executive with
extensive leadership and board experience, and an impressive record of
delivering financial and operational growth across a number of industries in a
range of financial and commercial disciplines. We are delighted that he has
agreed to join the Group and we look forward to him working closely with our
experienced management team to deliver Bellway's strategic priorities."

 

Shane Doherty added: "I am delighted to be joining Bellway as Chief Financial
Officer. Bellway is recognised as a leading UK housebuilder with an excellent
track record of delivering both strong shareholder returns and high‐quality,
sustainable homes. I look forward to working with the Bellway team in
executing its long-term volume growth plans."

 

Further to the announcement on 21 May 2024, Bellway also announces that Keith
Adey will be stepping down from his current role as Group Finance Director on
1 December 2024.  Keith will remain on the Board and will continue to have an
active role in the business as an executive director until 21 March 2025,
which will include helping to oversee an orderly transition.

 

 

NOTES:

 

1.   There is no further information in respect of Shane Doherty which
would require disclosure under Listing Rule 6.4.6.

 

2.   Shane Doherty's remuneration arrangements have been set in accordance
with the Directors' Remuneration Policy approved by shareholders at
the 2021 AGM and are in accordance with the proposed new remuneration policy
to be put to shareholders at the upcoming AGM ('Remuneration Policy'). Shane's
remuneration package will comprise a salary of £480,000, a pension in line
with the rate applying to the majority of the workforce based on being a new
employee, an annual bonus opportunity and long-term incentives for 2024 at
the same rates as the other executive directors and other benefits.

 

3. Consistent with his contractual terms and the Remuneration Policy, Keith
will be paid salary and benefits in the normal way, will be eligible to
receive a bonus for the period of FY25 that he is an executive director and
will be eligible to retain his long-term incentive awards (prorated for time
and subject to their performance targets and holding periods). The information
to be disclosed under section 430(2B) of the Companies Act 2006 in relation to
Keith will be available on the Company's website in due course.

 

 

Name of contact and telephone number for queries:

 

Simon Scougall

Chief Commercial Officer and Company Secretary

Bellway p.l.c.

Tel: 0191 217 0717

 

 

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