REG - Card Factory PLC - Directorate Change

Card FactoryAnnouncement

25/07/2022 07:00

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RNS Number : 5261T  Card Factory PLC  25 July 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED

 

25 July 2022

Card Factory plc ("Card Factory" or the "Company")

 

Directorate Change

 

 

 

Card Factory announces that the Board and Kris Lee, Chief Financial Officer
have agreed that Kris will leave the Company following a transition period.

Kris has played a significant role in helping to guide the Company through the
last few years, and particularly during the Covid impacted period. Recently
he has also delivered an attractive financing package, providing the Company
with a strong base for delivery of its future strategy.

Having helped provide the foundations for the successful delivery of the
Company's 'Opening Our New Future' growth strategy and a steady recovery of
the Group's finances following lockdown restrictions, the Board and Kris have
agreed that now is the right time for change.

The Company will commence a process to identify his successor. Kris will
remain in role for the transition period, working with the Company to assist
in this process and help ensure an orderly succession.

The Group's trading performance for the year to date is in line with the
Board's previous expectations.  The Group will publish its interim results on
27 September 2022.

Paul Moody, Chairman, commented: "I would like to thank Kris for his
significant contribution over the last five years. In particular, he has
worked tirelessly to deliver a successful refinancing in recent times and
leaves the Company with a solid platform to move forwards.  Together with
Kris, the Board will commence a process to recruit his successor and look
forward to providing an update in due course."

Kris Lee commented: "It has been a pleasure working with Card Factory over the
last five years; and I am proud of what the team achieved against an
exceptionally challenging backdrop. Card Factory has made significant
progress in recent years and has a clear strategy for the years ahead."

 

Remuneration disclosure

Kris Lee's leaving arrangements will be treated in accordance with the
approved Directors' Remuneration Policy and his service contract. He will
continue to work during his notice period which will expire on 22 April 2023,
subject to any earlier termination.  Salary and contractual benefits
including pension will be paid in the normal way whilst this employment
continues.  A compensation payment for loss of office of £40,000 will be
paid following termination.

Kris will be eligible to receive a pro-rated annual bonus, subject to
performance, for financial year to end on 31 January 2023, subject to any
pro-rating if not actively engaged in the business for all of this financial
year.  Under the Post employment shareholding requirements, one third of this
bonus, after tax, must be invested in the Company's shares.  Kris Lee's
outstanding Restricted Shares will be pro-rated in respect of performance
periods that have not completed by the date he ceases employment, which will
be no later than 22 April 2023, and subject to performance and their normal
vesting and holding periods in accordance with their terms. He will not be
eligible to receive any further annual bonus awards or Restricted Shares. Full
details will be disclosed on the Card Factory plc website in due course in
compliance with Section 430(2B) of the Companies Act 2006 and in the
Directors' Remuneration Report within the Annual Report and Accounts for the
year ended 31 January 2023, and subsequent years, as appropriate.

The information communicated in this announcement is inside information.

 

 

Enquiries

 

Card Factory
plc
via Tulchan Communications (below)

Darcy Willson-Rymer, Chief Executive Officer

 

 

Tulchan
Communications
+44 (0) 207 353 4200

James Macey White / Alison
Lygo
     cardfactory@tulchangroup.com (mailto:cardfactory@tulchangroup.com)

 

 

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