REG - ConvaTec Group PLC - Appointment of Chief Executive Officer

ConvaTecAnnouncement

25/03/2019 07:05

RNS Number : 8063T
ConvaTec Group PLC
25 March 2019
 


This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014
 
Appointment of Chief Executive Officer
 
Reading, United Kingdom (25 March 2019) - The Board of ConvaTec Group Plc ("ConvaTec" or "the Company") is very pleased to announce the appointment of Karim Bitar as Chief Executive Officer with an effective date of 30 September, 2019.
 
Since 2011, Karim Bitar has been Chief Executive Officer of Genus Plc, a leading global agricultural biotechnology company focused on animal genetics which is listed on the London Stock Exchange. Karim helped transform Genus, creating three global business units and successfully expanding the company's presence in key emerging markets. He also increased substantially the company's investment in R&D, creating a strong pipeline of innovative products. During Karim's tenure as CEO of Genus, shareholder returns increased by over 150%.
 
Prior to Genus, Karim spent 15 years in various roles with increasing responsibility at Eli Lilly where from 2008 he was President of Europe, Australia and Canada, leading an organisation with annual sales of approximately US$5 billion per year.
 
Sir Christopher Gent, Chairman of ConvaTec, said:
 
"I am delighted to announce Karim's appointment as Chief Executive Officer of ConvaTec. He is an experienced and highly regarded leader with an excellent track record of delivering impressive results and transformational change within similar businesses. The Board and I are very confident that Karim is the right person to lead ConvaTec through the next stage of the Company's development."
 
Karim Bitar said:
 
"ConvaTec competes in attractive chronic care markets and has a solid portfolio of products and services. I am excited by the opportunity to lead ConvaTec to stronger and sustainable rates of profitable growth. ConvaTec has the potential to achieve market leadership across its franchises, by focusing on innovation and execution excellence and by leveraging its global presence."
 
This announcement is made in accordance with Listing Rule 9.6.11R(1).
 
In accordance with Listing Rule 9.6.13(1), Mr Bitar has confirmed that he is currently a director of Genus Plc and a non-executive director of Spectris plc.
 
In accordance with Listing Rule 9.6.13(2) - (6), Mr Bitar has advised that he has no details to disclose.
 
Enquiries:
 
Media                                                                                                   mediarelations@convatec.com
 
Bobby Leach, VP Group Corporate Affairs, ConvaTec                                         +44 (0)7770 842226
James Bradley / Alastair Elwen, Finsbury                                                             +44 (0)207 2513801
 
Analysts and Investors                                                                   investorrelations@convatec.com
 
John Crosse, VP Investor Relations, ConvaTec                                                  +44 (0)7500 141 435
Mark Reynolds, Director Investor Relations, ConvaTec                                       +44 (0)7551 036625
 
Notes to Editors:
 
·      Karim was appointed CEO of Genus plc in September 2011, where he conducted a strategic review and re-organised the Company into 3 business units. He built and expanded the Company's presence in key emerging markets such as Brazil, Russia, India and China.
 
·      Prior to Genus, Karim spent 15 years in various roles with increasing responsibility at Eli Lilly, where from 2008 he was President of Europe, Australia and Canada, leading an organisation with annual sales of approximately US$5 billion. In this role Karim initiated and implemented a cost reduction programme which drove a significant profit margin improvement, as well as leading a commercial transformation programme which helped accelerate revenue growth.
 
·      During his time with Eli Lilly, Karim worked in the US in New Product Planning and Business Development, Regional Sales for the US Midwest region, Global Marketing and then as a country manager in Italy with responsibility for all functions including marketing, manufacturing, clinical development, finance and sales.
 
·      Prior to Eli Lilly, from 1992 - 1996 Karim was a consultant with McKinsey & Company, having commenced his career with roles at Dow DuPont Inc., followed by Johnson & Johnson.
 
Remuneration
 
Mr Bitar will be paid a basic annual salary of £875,000, pro-rated for his length of service in 2019. In addition, he will receive a pro-rated pension contribution of 15% of his annual salary.
 
Mr Bitar will also receive payments from ConvaTec of up to £6.5 million over the next two years, the majority of which will be paid in ConvaTec share awards, as compensation for the loss of his incentive awards which will be due from Genus Plc. The amounts paid will be adjusted appropriately for any awards which will vest prior to his appointment.
 
Incentive awards from ConvaTec will be in accordance with the Group's Remuneration Policy, which is set out in detail in the Annual Report, the key elements of which are:
 
-      An annual bonus of up to 200% of base salary, with an on-target performance of 50% of the maximum payout, and compulsory deferment of one-third of any bonus paid into shares, to be held for a minimum period of 3 years.
-      An annual LTIP award of 250% of base salary, in either conditional share awards or nil cost options, with a 3-year performance period. 25% of an award will vest if performance against each performance condition is at threshold and shares received as a result of any award will be subject to an additional 2 year holding period.
 
About ConvaTec


ConvaTec is a global medical products and technologies company focused on therapies for the management of chronic conditions, with leading market positions in advanced wound care, ostomy care, continence and critical care, and infusion devices. ConvaTec's products provide a range of clinical and economic benefits including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care. To learn more about ConvaTec, please visit www.convatecgroup.com where a copy of this announcement can also be found.


# # #
 
 




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
BOADGGDXSGDBGCS