REG - Johnson Matthey PLC - Chief Executive Announcement

Johnson MattheyAnnouncement

11/11/2021 07:00

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RNS Number : 0140S  Johnson Matthey PLC  11 November 2021

11(th) November 2021

 

Johnson Matthey Plc

(the Company)

Johnson Matthey Chief Executive Announcement: Liam Condon appointed as new
Chief Executive

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

 

Johnson Matthey (JM) has today announced that Robert MacLeod has advised the
Board of his intention to retire as Chief Executive, and is pleased to
announce that Liam Condon will succeed him.

 

After nearly eight years as Chief Executive, Robert will step down from that
role and from the Board on 28(th) February 2022 but will stay on to support
the transition process until the Company's Annual General Meeting on 21(st)
July 2022 when he will then retire from JM.

 

Liam Condon, who will join JM as Chief Executive on 1(st) March 2022, is
currently a Member of the Board of Management of Bayer AG and President of the
Crop Science Division, a role he has held for nine years. Bayer Crop Science
is the global leader in agricultural innovation and sustainability with circa
€20 billion revenue. He has served in senior roles at the former Schering AG
and then Bayer HealthCare.

 

 

JM Chairman Patrick Thomas said: "Robert has devoted a large part of his
career to leading JM, and the Board and I would like to express our sincere
gratitude for what he has achieved.  Under his leadership the company has
evolved significantly, and we wish him every success in the next stage of his
career."

 

"After a rigorous and wide-ranging selection process, the Board is delighted
to appoint Liam to the role. He is a dynamic and values-driven leader with an
impressive track record of leading science-based businesses while delivering
consistent high-quality performance. He balances commercial ability with a
strong strategic perspective.  He has a proven track record of driving growth
as well as modernising organisations whilst retaining a strong external
engagement with stakeholders, regulators, and government.  His capabilities
will be key for JM as we continue to scale our attractive high growth
businesses to address climate change challenges, while investing in the
opportunities for the future. The Board warmly welcomes Liam to the role and
wishes him every success."

 

 

Robert MacLeod said: "After nearly eight years as Chief Executive, the time is
right for me to move on. It has been the greatest privilege of my career to be
part of the Johnson Matthey team and to work with so many wonderful
colleagues.  JM is more relevant than it has ever been through its consistent
focus on developing innovative, science based, sustainable technologies.  I
am confident in our future growth prospects and the significant benefits our
technologies will bring."

 

 

Liam Condon said: "Johnson Matthey is an incredibly innovative company focused
on using science to address the challenges of the 21(st) century. Living
within our planetary boundaries requires an acceleration of decarbonisation
and Johnson Matthey has the technology and people to be at the forefront of
this massive societal transition. I am really excited to join Johnson Matthey
and work with our team on accelerating growth and value creation as we push
forward towards a more sustainable future."

 

 

Liam Condon biography

 

Liam Condon has been a member of the Board of Management of Bayer AG and
President Crop Science Division, headquartered in Monheim, Germany, since
1(st) January 2016 and was first appointed as Chairman and CEO of Bayer Crop
Science in 2012. He is also responsible for the regions Latin America and
Africa for the Bayer Group.

 

Liam was born in Dublin, Ireland, in February 1968. He studied international
marketing and languages at Dublin City University and at the Technical
University of Berlin. As well as English and German, he also speaks Gaelic,
French, Japanese and Mandarin (Chinese).

 

After graduating, Liam joined the former Schering AG and held various sales
and marketing positions in the pharmaceutical business in Germany. He then
served five years as head of a business unit in Osaka, Japan. On his return to
Germany, Liam became Regional Marketing and Medical Director for the
Asia-Pacific and Middle East regions at Schering in Berlin. In February 2005,
he was appointed Managing Director of Schering in China.

 

Following Bayer's acquisition of Schering in 2006, Liam was appointed Managing
Director of Bayer HealthCare and General Manager of Bayer Pharma in China. In
January 2010, he was appointed Managing Director of Bayer HealthCare in
Germany and country representative for Bayer Schering Pharma in Germany. From
1(st) December 2012, until his appointment to the Board of Management of Bayer
AG, Liam was Chairman of the Bayer CropScience Executive Committee.

 

Liam has been a member of the Governor's Panel for Consumer Industries at the
World Economic Forum since 2016 and also served for 4 years until October 2021
as the Chairman of the Board of Directors of CropLife International, the
R&D based agricultural industry association.

 

Liam Condon is married and has two sons. He holds both Irish and German
citizenship.

 

 

Remuneration

As Chief Executive Liam Condon will be paid in accordance with Johnson
Matthey's Remuneration Policy.  His overall remuneration package will be
similar to his remuneration at Bayer.  Full details will be set out in the
2021/22 Directors' Remuneration Report (published in June 2022) with the key
elements of his remuneration being an annual salary of £950,000; a pension
cash allowance of 15% of salary, which is in line with the wider workforce in
the UK; plus other benefits and international relocation support in line with
our Remuneration Policy. Liam will be eligible to participate in the Annual
Incentive (Bonus) Plan with a target opportunity of 90% of salary (maximum
180% of salary), with 50% of any bonus payable deferred in shares for a period
of 3-years. He will also be eligible to participate in the Performance Share
Plan (PSP) with an annual award of 250% of salary. All awards in the PSP are
subject to a 3-year performance period with a further 2-year holding period.
Liam's PSP award for the 2021/22 financial year will be pro-rated to reflect
the timing of his appointment.

 

There is no buyout or compensation provided in connection with Liam's move
from Bayer to Johnson Matthey. Upon joining Johnson Matthey in March Liam
will begin purchasing JM stock to build up his shareholding in the Company.

 

There are no other disclosures required pursuant to Rule 9.6.13R of the
Listing Rules of the Financial Conduct Authority.

 

 

The person responsible for the release of this announcement is Nick Cooper,
General Counsel and Company Secretary of Johnson Matthey Plc.

 

ENDS

 

 Enquiries:

 Investor Relations

 Martin Dunwoodie    Director of Investor Relations      020 7269 8241

 Louise Curran       Senior Investor Relations Manager   020 7269 8235

 Jane Crosby         Investor Relations Manager          020 7269 8242

 Media

 Barney Wyld         Group Corporate Affairs Director    07485 337498

 Harry Cameron       Tulchan Communications              020 7353 4200

 

Johnson Matthey Plc is listed on the London Stock Exchange (JMAT)

Registered in England & Wales number: 00033774

Legal Entity Identifier number: 2138001AVBSD1HSC6Z10

 

 

 

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