REG - Serco Group PLC - Angus Cockburn to retire as Serco CFO

SercoAnnouncement

17/12/2020 07:00

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RNS Number : 9268I  Serco Group PLC  17 December 2020

Angus Cockburn to retire as Serco CFO in April 2021; Nigel Crossley to be his
successor.

 

17 December 2020

Serco Group plc

LEI: 549300PT2CIHYN5GWJ21

 

Serco Group plc ('Serco' or 'the Group'), the international provider of
services to governments, today announces that, having served 21 years as a
public-company CFO, six of them at Serco, Angus Cockburn, Group Chief
Financial Officer, has informed the Board of his wish to retire from full-time
executive life, and focus on further developing his non-executive portfolio.

 

It has therefore been agreed that Angus will step down from the Board at the
AGM in April 2021 and will be succeeded as Group Chief Financial Officer by
Nigel Crossley, currently Group Director of Finance, who will join the Board
on the same date.  Nigel has worked for Serco since 2014 and he has been at
the centre of the transformation of Serco and supported Angus in restoring the
reputation and financial stability of the Group. Prior to joining Serco, Nigel
held senior finance roles at EMI, RHM plc and Procter & Gamble.

 

Sir Roy Gardner, Chairman, said: "Angus has played a leading role in the
transformation of Serco from the dire straits in which it found itself in
2014, through to the point at which it now has one of the strongest balance
sheets in the sector and is in excellent financial and operational health,
with strong liquidity, fully funded pension schemes and robust finance
controls and assurance.  He is hugely respected both inside and outside
Serco, and we are all immensely grateful for his contribution, not the least
of which has been developing an ideal successor in Nigel Crossley who we look
forward to welcoming onto the Board in April."

 

 

Ends

 

For further information please contact:

Paul Checketts, Head of Investor Relations, tel: +44 (0) 7718 195 074 or
email: paul.checketts@serco.com (mailto:paul.checketts@serco.com)

Marcus De Ville, Head of Media Relations; tel +44 (0) 7738 898 550 or email:
marcus.deville@serco.com (mailto:marcus.deville@serco.com)

 

Notes: Executive Director Renumeration Disclosure

 

Angus Cockburn will work his contractual notice period which will run from
December 2020 to December 2021.  He will step down as an Executive Director
with effect from the AGM in April 2021 and will remain an employee of the
Group receiving his normal annual basic salary and contractual benefits, paid
monthly in arrears, until his notice period expires. He will not participate
in the 2021 bonus or long-term incentive schemes, but as he will be retiring
he will be a good leaver in respect of Serco's incentive schemes.

 

Nigel Crossley will be appointed CFO on a basic annual salary of £430,000,
with 12 months' contractual notice. He will be eligible to participate in an
annual bonus scheme which attracts a maximum of 140% of basic annual salary,
and the long-term incentive plan of 150% of basic annual salary from April
2021.  His bonus earnings over 100% of his salary will be deferred into
shares under the terms of the Serco Executive Bonus Deferral Plan.  He will
receive a pension allowance in line with that of the wider workforce.

 

All necessary disclosures will be made in our 2021 Directors Renumeration
Report (DRR).  In accordance with the Listing Rules, there are no additional
matters that would require disclosure under LR 9.6.13 R (1) to (6) in relation
to Nigel Crossley's appointment

 

 

About Serco

Serco is a leading provider of public services. Our customers are governments
or others operating in the public sector.  We gain scale, expertise and
diversification by operating internationally across five sectors and four
geographies: Defence, Justice & Immigration, Transport, Health and Citizen
Services, delivered in UK & Europe, North America, Asia Pacific and the
Middle East.

 

More information can be found at www.serco.com (http://www.serco.com)

 

 

Forward looking statements

This announcement contains statements which are, or may be deemed to be,
"forward-looking statements" which are prospective in nature.  All statements
other than statements of historical fact are forward-looking statements.
Generally, words such as "expect", "anticipate", "may", "could", "should",
"will", "aspire", "aim", "plan", "target", "goal", "ambition", "intend" and
similar expressions identify forward looking-statements.  By their nature,
these forward-looking statements are subject to a number of known and unknown
risks, uncertainties and contingencies, and actual results and events could
differ materially from those currently being anticipated as reflected in such
statements.  Factors which may cause future outcomes to differ from those
foreseen or implied in forward-looking statements include, but are not limited
to: general economic conditions and business conditions in Serco's markets;
contracts awarded to Serco; customers' acceptance of Serco's products and
services; operational problems; the actions of competitors, trading partners,
creditors, rating agencies and others; the success or otherwise of partnering;
changes in laws and governmental regulations; regulatory or legal actions,
including the types of enforcement action pursued and the nature of remedies
sought or imposed; the receipt of relevant third party and/or regulatory
approvals; exchange rate fluctuations; the development and use of new
technology; changes in public expectations and other changes to business
conditions; wars and acts of terrorism; cyber-attacks; and pandemics,
epidemics or natural disasters.  Many of these factors are beyond Serco's
control or influence.  These forward-looking statements speak only as of the
date of this announcement and have not been audited or otherwise independently
verified.  Past performance should not be taken as an indication or guarantee
of future results and no representation or warranty, express or implied, is
made regarding future performance.  Except as required by any applicable law
or regulation, Serco expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward looking statements
contained in this announcement to reflect any change in Serco's expectations
or any change in events, conditions or circumstances on which any such
statement is based after the date of this announcement, or to keep current any
other information contained in this announcement.  Accordingly, undue
reliance should not be placed on the forward-looking statements.

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