REG - Serco Group PLC - Chief Executive retirement

SercoAnnouncement

13/01/2025 07:00

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RNS Number : 0554T  Serco Group PLC  13 January 2025

Serco Group plc ("Serco" or the "Company")

Mark Irwin to retire; Anthony Kirby appointed Group Chief Executive designate

13 January 2025

 

Serco, the provider of services and support to governments internationally,
today announces the retirement of Mark Irwin and the appointment of Anthony
Kirby as Group Chief Executive designate.

 

After 12 years with Serco, Mark Irwin has advised the Board of his intention
to retire as Group Chief Executive.  Mark will step down from his role on 28
February 2025 and will continue to serve as a strategic adviser through a
transition period.

 

Anthony Kirby, currently CEO of UK & Europe, the Group's largest division,
will succeed Mark as Group Chief Executive from 1 March 2025.

 

Mark Irwin said: "It has been a true privilege to lead Serco and I am
delighted with the progress we have made in the last few years, especially on
keeping our colleagues safer, delivering consistently strong financial
performance and developing the biggest pipeline in more than a decade to meet
our strategic growth goals.  I know that Anthony will continue to build on
these solid foundations.  I am eternally grateful to all my colleagues across
the Group for their hard work and commitment in delivering these outcomes as
we worked together to deliver on our purpose to impact a better future for
people, place, and planet."

 

Anthony Kirby said: "It is an honour to be selected to lead this amazing
company, of which I have been a part for seven years.  Serco is in good
shape, with great people and an exciting future.  I am confident we can
continue to build on our strategy, strengthen our position further and provide
outstanding solutions, helping customers around the world deliver superb
public services.  I want to thank Mark for his leadership and offer him my
best wishes for the future".

 

John Rishton, Chair of Serco, said: "I would like to thank Mark for his
commitment, dedication, and hard work over the last 12 years and, in
particular, during his time as Group Chief Executive and wish him well in his
future.

I am delighted that Anthony is taking on the role of Group Chief Executive.
 Since we attracted Anthony from Compass Group, he has been part of our
internal succession planning.  During this time he has held a number of
critical roles at Serco, including being Group Chief Operating Officer and
successfully leading the UK & Europe business.  The Board is confident
that Anthony has the skills, determination and leadership attributes to
deliver against our strategy."

 

There is no change to guidance for 2024 or 2025.

 

This announcement contains inside information.

 

NOTES

Remuneration

Full details of Anthony Kirby's remuneration as Group Chief Executive will be
set out in the 2025 Annual Report.  His remuneration will be in line with the
Company's approved Directors' Remuneration Policy, and the main elements will
be:

 

On taking up the position of Group Chief Executive on 1 March 2025, Anthony
Kirby's basic annual salary will be £845,000 he will not be eligible for
consideration of salary review until 2026.  He will receive pension
contributions of 8%, in line with the wider workforce.  He will have the
opportunity to earn a maximum of 175% of his basic annual salary in annual
bonus; bonus awards over 100% of salary will be deferred into shares for three
years.  He will have a maximum opportunity of 200% of his basic annual salary
in performance-related long term incentive shares.

 

Mark Irwin will receive his contractual entitlement of 12 months' notice,
starting at the date of this announcement (13 January 2025).  Serco will
continue to pay Mark up to the end of his employment in accordance with his
contract and the Company's Directors' Remuneration Policy.  He will be
entitled to receive a normal annual bonus in respect of 2024 based on audited
outcomes of performance metrics, and also a pro-rated annual bonus in respect
of his period of employment (including notice period) for 2025.  If Mark
takes on a position outside Serco beyond a Non-Executive Director role after
he steps down from the Board and before the end of his employment, the
Remuneration Committee may use its discretion to reduce his entitlement to a
bonus in respect of 2025.

 

As a retiree from Serco, Mark is a 'good leaver' for the purposes of Serco's
share plans.  The post holding period relating to Mark's shares awarded
whilst in the role of Group Chief Executive, will apply as per the plan rules.

 

A statement concerning particulars of remuneration payments in accordance with
section 430(2B) of the Companies Act 2006 will be published.

 

Other information

In relation to Listing Rule 6.4.8, Anthony Kirby has been a Non-Executive
Director of Hays plc since 1 April 2024.  There are no other details to
disclose in relation to Anthony Kirby.

 

The Company has a policy which allows the Executive Directors to accept
directorships of other quoted companies and to retain the fees paid.  In
accordance with the UK Corporate Governance Code, and to ensure sufficient
time is devoted to their executive role, no Executive Director would be
permitted to take on more than one non-executive directorship in a quoted
company or the chairmanship of such a company.

 

 

Ends.

 

 

For further information, please contact:

Paul Checketts, Head of Investor Relations | +44 (0) 7718 195 074 |
paul.checketts@serco.com

Scot Marchbank, Group Communications and Marketing Director | +44 (0) 7958 675
706 | scot.marchbank@serco.com

 

Nickesha Graham-Burrell, Group Company Secretary

David Eveleigh, Group General Counsel

 

 

About Serco

Serco brings together the right people, the right technology and the right
partners to create innovative solutions that make a positive impact and
address some of the most urgent and complex challenges facing the modern
world.

 

With a primary focus on serving governments globally, Serco's services are
powered by more than 50,000 people working across defence, space, migration,
justice, healthcare, mobility and customer services.

 

Serco's core capabilities include service design and advisory, resourcing,
complex programme management, systems integration, case management,
engineering, and asset & facilities management.

 

Underpinned by Serco's unique operating model, Serco drives innovation and
supports customers from service discovery through to delivery.

 

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

 

LEI: 549300PT2CIHYN5GWJ21

 

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