REG - ConvaTec Group PLC - Chief Financial Officer succession

ConvaTecAnnouncement

09/12/2021 07:00

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RNS Number : 0483V  ConvaTec Group PLC  09 December 2021

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

9 December 2021

ConvaTec Group Plc

Chief Financial Officer succession

ConvaTec Group Plc (CTEC:LON) announces that the Company's Board has mutually
agreed with Frank Schulkes that he will step down as Chief Financial Officer
and as a Director of the Company on 11 March 2022.  Frank, who has been with
the business since August 2017, will remain to support the company and ensure
a seamless and orderly transition.

Jonny Mason has been appointed as Group Chief Financial Officer (Designate)
with effect from 31 January 2022, becoming Chief Financial Officer and a
Director of the Company from 12 March 2022.

Jonny Mason is a seasoned CFO with an extensive track record in publicly
listed and international businesses.  He brings strong experience in
strategic enterprise transformation and a customer orientation.  He was Chief
Financial Officer of Dixons Carphone Plc, now known as Currys Plc, between
2018-2021.  Before that he was CFO of Halfords Plc from 2015 and was interim
Chief Executive Officer between September 2017 and January 2018.  Other roles
include being CFO of Scandi Standard AB, CFO at Odeon and UCI Cinemas and
Finance Director of Sainsbury's Supermarkets.  Jonny is an engineer and
accountant by training and his early career included finance roles with Shell
and Hanson Plc.

Karim Bitar, Chief Executive Officer, ConvaTec Group Plc, said:

"On behalf of the Board and my colleagues, I would like to take this
opportunity to thank Frank.  Under his leadership the finance function has
improved, we have stood up the Global Business Service Centre and have
strengthened the balance sheet.  He has made an important contribution to the
Group and provided strong leadership during our transformation as we have
started pivoting towards sustainable and profitable growth.  We wish him
every future success.

"I am delighted to welcome Jonny to ConvaTec.  He brings a strong track
record of driving growth through transformation and joins us at an exciting
point on our journey.  He has deep financial acumen and has successfully
delivered large complex business transformations in rapidly changing
environments.  Jonny also has extensive experience leading high-quality
Finance and IT teams.  I look forward to working with him to bring our vision
to life, pioneering trusted medical solutions to improve the lives we touch."

Frank Schulkes, Chief Financial Officer, said:

"It has been a privilege to work at ConvaTec for the last four years.  The
company has made significant progress in its transformation and growth.  I
would like to take this opportunity to thank all my colleagues and wish
ConvaTec every success for the future.  I will be supporting Jonny as he
settles in over the coming months and helping to ensure a smooth and effective
transition."

Jonny Mason, Chief Financial Officer (Designate), said:

"I am delighted to be joining ConvaTec as it continues pivoting to sustainable
and profitable growth and as it pioneers trusted medical solutions to improve
lives.  I am excited by the significant potential ahead of the Company."

 

 

Enquiries:

 

Analysts and Investors

Kate Postans, Vice President, Investor
Relations
                +44 (0)7826 447 807

ir@convatec.com (mailto:ir@convatec.com)

 

Media

Buchanan: Chris Lane
 
 
         +44 (0)207 466 5000

 

Notes:

Frank Schulkes will remain available to assist the Company with the transition
until he leaves on 8 December 2022. The remuneration details relating to his
departure will be in line with his contractual entitlement and are consistent
with the Company's Remuneration Policy.  The Group will provide these details
on ConvaTec Group's website and in the Company's Directors' Remuneration
Reports in accordance with the Company's statutory obligations.

As incoming Chief Financial Officer, Jonny Mason's annual salary will be
£500,000 per annum and his pension contribution will be 8.5% of salary, in
line with the UK workforce. Consistent with the Company's Remuneration Policy
he will have a maximum bonus opportunity of 200% of salary (with 1/3rd of any
earned bonus deferred into shares for three years) and participate in the
long-term incentive plan with an annual grant value of up to 250% of salary,
subject to performance conditions measured over a three-year period with a
further two-year holding period.  Jonny will be expected to build and
maintain a shareholding equivalent of at least 300% of salary over time.
Full details of Mr Mason's remuneration arrangements will be set out in the
2021 Directors' Remuneration Report, which will be published in March 2022.

This announcement is made pursuant to LR 9.6.11 of the Listing Rules. There is
no further information to be disclosed under the requirements of LR 9.6.13 (2)
to (6) of the Listing Rules in relation to Jonny Mason's appointment.

The person responsible for this announcement on behalf of ConvaTec Group Plc
is Evelyn Douglas, Executive Vice President, Chief of Strategy and Business
Development, General Counsel and Company Secretary.

 

About ConvaTec Group Plc

ConvaTec is a FTSE 250 global medical products and technologies company
focused on solutions for the management of chronic conditions, with leading
market positions in advanced wound care, ostomy care, continence and critical
care, and infusion care. We have more than 10,000 colleagues in over 100
countries. Our vision is pioneering trusted medical solutions to improve the
lives we touch. Our 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. Group revenues in 2020 were over
$1.894 billion. To learn more about ConvaTec, please visit
http://www.convatecgroup.com (http://www.convatecgroup.com)

 

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