REG-Capita PLC: Directorate Change <Origin Href="QuoteRef">CPI.L</Origin>

CapitaAnnouncement

11/09/2017 13:40

Capita Board Update

On 2 March 2017 Capita plc (Capita), a leading UK provider of
technology-enabled business process and customer management services,
announced that Andy Parker would be stepping down from the Group Board and
leaving the Group later in the year and that the Board had commenced a process
to select a new Chief Executive. The search process is well advanced.

Today, Capita announces that Andy Parker will step down from the Board and
leave Capita on 15 September 2017 to pursue the next stage of his career. Nick
Greatorex, Capita’s Group Finance Director, will be appointed as Interim
Chief Executive from that date until a successor takes up the post as
Capita’s new Chief Executive. During this interim period, Nick will also
continue with his responsibilities as Group Finance Director.

Sir Ian Powell, Chairman, said:

“I would like to thank Andy Parker for his continued commitment to Capita
through this transitional period and for the 17 years of service he has given
to the Group. On behalf of the Board I wish him well in his future career. I
am pleased with progress in our search process for a successor. The
appointment of Nick Greatorex as Interim Chief Executive during this
transition period will enable strong continuity for the business. Nick’s
in-depth experience of working in senior roles at the heart of Capita will
give the Group strength of leadership during this period. Nick will be fully
supported in his interim dual role by the Board and the Group and Divisional
finance teams and I am delighted that he has agreed to take up the role of
Interim Chief Executive.” 

-Ends-

This announcement contains inside information.

Notes for the Announcement

Andy Parker

In accordance with his service agreement, Andy will receive the payments set
out below (less any required tax withholdings). The payments are in full and
final settlement of all claims against Capita plc (the Company) and are in
accordance with the Company’s remuneration policy and his contract of
employment, as set out in the Company’s Annual Report and Accounts.
1. Andy will receive salary and contractual benefits (including pension) up to
the date notice is served, 15 September 2017 (the “Termination Date”),
together with a payment in lieu of accrued but not taken holiday entitlement
as at that time.
2. Within 14 days of the Termination Date, Andy will receive:
* a payment in lieu of notice equal to 12 months’ salary (£600,000);
* £45,000 as compensation for pension and company car benefits; and
* £250 in consideration for enhanced post-employment undertakings.
1. Subject to achievement of the applicable Company financial performance
measures (as determined by the Remuneration Committee), Andy will receive a
cash bonus of up to 200% salary in respect of the 2017 financial year. The
bonus payment will be reduced on a pro rata basis to reflect the period of
employment during 2017 as a proportion of the financial year. The cash bonus
will be paid in February 2018, subject to the Company’s policy on clawback.
2. Andy holds nil-cost options over 69,377 Company shares under the
Company’s Deferred Annual Bonus Plan which will become exercisable for three
months following the Termination Date. 
3. Outstanding awards held under the Company’s Long Term Incentive Plan are
expected to lapse on the Termination Date in accordance with the rules of the
plan.
4. Up to £7,500 (excluding VAT) will be paid directly to third party service
providers in respect of legal services. 
5. Andy will be reimbursed for any outstanding expenses properly incurred on
behalf of the Company.
6. Andy will receive continued life assurance cover and private medical
insurance cover consistent with current levels for up to 12 months following
the Termination Date. 
Full details of all payments made to and receivable by Andy will be disclosed
in the Directors’ Remuneration Report within the Company’s Annual Report
and Accounts for the year ending 31 December 2017, and subsequent years, as
appropriate.

Nick Greatorex

For the duration of Nick’s appointment as Interim Chief Executive, he will
be paid an allowance of £12,500 per month and his bonus for 2017 will be
calculated on the basis of an apportionment of his salary as Group Finance
Director and the allowance as Interim Chief Executive. The allowance is not
pensionable.

For further information:

Capita plc

Tel: 020 7799 1525

Shona Nichols, Executive Director, Communications

Andrew Ripper, Head of Investor Relations

Media enquiries

Capita Press Office Tel: 020 7654 2399

Powerscourt Tel: 020 7250 1446

capita@powerscourt-group.com

Victoria Palmer-Moore, Peter Ogden and Andy Jones

About Capita

Capita is a leading UK provider of technology enabled customer and business
process services and integrated professional support services. With 73,000
people at over 450 sites, including 98 business centres across the UK, Europe,
India and South Africa, Capita uses its expertise, infrastructure and scale
benefits to transform its clients' services, driving down costs and adding
value. Capita is quoted on the London Stock Exchange (CPI.L). Further
information on Capita can be found at: www.capita.com.



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