REG - Smith & Nephew Plc - Appointment of John Rogers as CFO

Smith & NephewAnnouncement

02/11/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231102:nRSB1150Sa&default-theme=true

RNS Number : 1150S  Smith & Nephew Plc  02 November 2023

 

Smith+Nephew to appoint John Rogers as

Chief Financial Officer

2 November 2023

Smith+Nephew (LSE: SN, NYSE: SNN), the global medical technology business,
announces that John Rogers will succeed Anne-Françoise Nesmes as Chief
Financial Officer. He will join the company as Chief Financial
Officer-designate on 1 December 2023 and, following a period of induction,
will join the Board as Chief Financial Officer in the first quarter of 2024.

Anne-Françoise's intention to step down as Chief Financial Officer was
announced on 3 August 2023, and she has agreed to remain on the Board to
finalise the 2023 Annual Report and Accounts and support an effective
transition.

John has extensive financial and commercial leadership experience across a
range of sectors and on a global basis, as well as a track record of
delivering complex international transformation programmes. He has served as
the Chief Financial Officer of two FTSE-100 companies. He was most recently
Chief Financial Officer at WPP plc where he successfully led the
implementation of their global transformation programme. Prior to WPP, John
was Chief Financial Officer at J Sainsbury plc and also served as Chief
Executive Officer of Argos, Habitat and Sainsbury's clothing and general
merchandise businesses, where he led a major digitisation programme, driving
increased market share and double-digit profit growth.

Rupert Soames, Chair of the Board, said: "John is a highly regarded Chief
Financial Officer with a proven track record operating around the world and
across a number of industry sectors. His extensive experience in
transformation and capital markets is especially important given
Smith+Nephew's focus on driving greater shareholder value. We look forward to
welcoming him later this year."

Deepak Nath, Chief Executive Officer, said: "I am delighted to welcome John
to Smith+Nephew and look forward to working with him as we continue to turn
around performance and deliver the 12-Point Plan. I would like to thank
Anne-Françoise for her dedicated service since she joined in 2020 and for her
commitment to effecting a smooth transition to our new Chief Financial
Officer."

John Rogers said: "This is a great opportunity to join one of the world's
leading healthcare companies with a strong heritage and an ambitious vision
for the future. I am delighted to be joining Deepak and the team to drive
execution of the 12-Point Plan and deliver the Company's Strategy for Growth."

No further disclosure obligations arise under paragraphs (1) to (6) of LR
9.6.13 R of the UK Listing Authority's Listing Rules in respect of this
change.

This announcement includes inside information as defined in Article 7 of the
UK Market Abuse Regulation. The person responsible for arranging the release
of this announcement on behalf of the Company is Helen Barraclough, Company
Secretary.

Separately, today Smith+Nephew also announced its trading update for the third
quarter ended 30 September 2023.

Remuneration

The Remuneration Committee considered the remuneration arrangements for John
Rogers and agreed that his remuneration should be set having regard to his
tenure as a FTSE100 Chief Financial Officer and base salary in previous roles.
He will be paid in accordance with the Remuneration Policy approved by
shareholders on 26 April 2023 (the "Policy") as set out in the 2022 Annual
Report. In summary:

·      John Rogers will begin his employment as Chief Financial Officer
designate on 1 December 2023 and following the induction period will be
appointed to the Board as an Executive Director in the first quarter of 2024;

·      He will receive a base salary of £725,000 per annum;

·      He will participate in the Annual Bonus Plan with effect from 1
January 2024 with a maximum opportunity of 215% of base salary, of which 50%
will be paid in cash and 50% will be paid in shares deferred for three years.

·      He will participate in the Performance Share Programme with a
maximum opportunity of 275% of base salary;

·      The Company will pay cash in lieu of a pension of 12% of salary
per annum in line with the wider UK workforce;

·      He will receive standard benefits, which are not materially
different in nature or value relative to the incumbent Chief Financial
Officer;

·      He will be required to build a shareholding in the Company of
200% of salary within 5 years of appointment;

·      His notice period will be 6 months from him with 12 months from
the Company.

Anne-Françoise will be treated in accordance with the Policy and her contract
of employment for the remaining term of her employment. In summary:

·    She will continue to receive her salary and other benefits in the
normal way up to her end of employment;

·    Provided that she is employed on 31 March 2024, she will be eligible
to receive a payment under the Annual Bonus Plan for the 2023 financial year.
50% would be paid in cash and 50% would be deferred into shares under the
Deferred Bonus Plan;

·    As Anne-Françoise provided the Board with significant advance notice
of her intention to step down, has evidenced dedication to her role and is
supporting the transition to the new Chief Financial Officer, it is the
proposed intention of the Remuneration Committee to exercise its discretion to
treat Anne-Françoise as a Good Leaver for the purposes of unvested PSP
awards, conditional upon certain events not occurring from the date of this
announcement up to 30 days after her departure (which include continuing with
the full discharge of her duties in role);

·    She will remain subject to post-employment shareholding requirements
as set out in the Policy.

 

Further announcements regarding confirmation of Anne-Françoise's compensation
will be made in due course in accordance with applicable legislation.

Full details will be disclosed in the Directors' Remuneration Report for the
relevant year.

Enquiries

 

 Investors / Analysts

 Andrew Swift                      +44 (0) 1923 477433

Smith+Nephew

 Media

 Charles Reynolds                  +44 (0) 1923 477314

Smith+Nephew

 Susan Gilchrist / Ayesha Bharmal  +44 (0) 20 7404 5959

Brunswick

 

About Smith+Nephew

 

Smith+Nephew is a portfolio medical technology business that exists to restore
people's bodies and their self-belief by using technology to take the limits
off living. We call this purpose 'Life Unlimited'. Our 19,000 employees
deliver this mission every day, making a difference to patients' lives
through the excellence of our product portfolio, and the invention and
application of new technologies across our three global business units of
Orthopaedics, Advanced Wound Management and Sports Medicine & ENT.

 

Founded in Hull, UK, in 1856, we now operate in more than 100 countries, and
generated annual sales of $5.2 billion in 2022. Smith+Nephew is a constituent
of the FTSE100 (LSE:SN, NYSE:SNN). The terms 'Group' and 'Smith+Nephew' are
used to refer to Smith & Nephew plc and its consolidated subsidiaries,
unless the context requires otherwise.

 

For more information about Smith+Nephew, please visit www.smith-nephew.com
(https://nam11.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.smith-nephew.com%2F&data=05%7C01%7CGuy.Impey%40smith-nephew.com%7C9e3982a8b2004f2d08ca08dba9320205%7C273106dc287842ebb7c8069dcf334687%7C0%7C0%7C638289806651381436%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=2hF%2FTSk63oh4YJW3eZfzkSgR3%2BFjWGe%2BxVlWQFzSfjY%3D&reserved=0)
and follow us on X
(https://nam11.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.twitter.com%2Fsmithnephewplc&data=05%7C01%7CGuy.Impey%40smith-nephew.com%7C9e3982a8b2004f2d08ca08dba9320205%7C273106dc287842ebb7c8069dcf334687%7C0%7C0%7C638289806651381436%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=lQVZ1OUugIOnCa1TKjRpZP2Y1Ky3tOb6DqLrdJZkcdM%3D&reserved=0)
, LinkedIn
(https://nam11.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fsmith-%2526-nephew&data=05%7C01%7CGuy.Impey%40smith-nephew.com%7C9e3982a8b2004f2d08ca08dba9320205%7C273106dc287842ebb7c8069dcf334687%7C0%7C0%7C638289806651381436%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=UjobX6fEdzz6DoYqA373OJv4asc9sLp0mK9z5%2FmLdkw%3D&reserved=0)
, Instagram
(https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.instagram.com%2Fsmithnephewmeded%2F&data=05%7C01%7CGuy.Impey%40smith-nephew.com%7C9e3982a8b2004f2d08ca08dba9320205%7C273106dc287842ebb7c8069dcf334687%7C0%7C0%7C638289806651381436%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=1FfF7EgKhIqMCstwPl28DCgBMDQGrr98RoSM4%2F9BPVk%3D&reserved=0)
or Facebook
(https://nam11.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.facebook.com%2Fsmithnephewplc&data=05%7C01%7CGuy.Impey%40smith-nephew.com%7C9e3982a8b2004f2d08ca08dba9320205%7C273106dc287842ebb7c8069dcf334687%7C0%7C0%7C638289806651381436%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=QdZJhDpmPsCNSqnN5rkws3VrGwwxGes6p7NQPo1N7og%3D&reserved=0)
.

 

Forward-looking Statements

This document may contain forward-looking statements that may or may not prove
accurate. For example, statements regarding expected revenue growth and
trading profit margins, market trends and our product pipeline are
forward-looking statements. Phrases such as "aim", "plan", "intend",
"anticipate", "well-placed", "believe", "estimate", "expect", "target",
"consider" and similar expressions are generally intended to identify
forward-looking statements. Forward-looking statements involve known and
unknown risks, uncertainties and other important factors that could cause
actual results to differ materially from what is expressed or implied by the
statements. For Smith+Nephew, these factors include: risks related to the
impact of Covid, such as the depth and longevity of its impact, government
actions and other restrictive measures taken in response, material delays and
cancellations of elective procedures, reduced procedure capacity at medical
facilities, restricted access for sales representatives to medical facilities,
or our ability to execute business continuity plans as a result of Covid;
economic and financial conditions in the markets we serve, especially those
affecting healthcare providers, payers and customers (including, without
limitation, as a result of Covid); price levels for established and innovative
medical devices; developments in medical technology; regulatory approvals,
reimbursement decisions or other government actions; product defects or
recalls or other problems with quality management systems or failure to comply
with related regulations; litigation relating to patent or other claims; legal
and financial compliance risks and related investigative, remedial or
enforcement actions; disruption to our supply chain or operations or those of
our suppliers (including, without limitation, as a result of Covid);
competition for qualified personnel; strategic actions, including acquisitions
and dispositions, our success in performing due diligence, valuing and
integrating acquired businesses; disruption that may result from transactions
or other changes we make in our business plans or organisation to adapt to
market developments; relationships with healthcare professionals; reliance on
information technology and cybersecurity; disruptions due to natural
disasters, weather and climate change related events; changes in customer and
other stakeholder sustainability expectations; changes in taxation
regulations; effects of foreign exchange volatility; and numerous other
matters that affect us or our markets, including those of a political,
economic, business, competitive or reputational nature. Please refer to the
documents that Smith+Nephew has filed with the U.S. Securities and Exchange
Commission under the U.S. Securities Exchange Act of 1934, as amended,
including Smith+Nephew's most recent annual report on Form 20-F,  which is
available on the SEC's website at www. sec.gov, for a discussion of certain of
these factors. Any forward-looking statement is based on information available
to Smith+Nephew as of the date of the statement. All written or oral
forward-looking statements attributable to Smith+Nephew are qualified by this
caution. Smith+Nephew does not undertake any obligation to update or revise
any forward-looking statement to reflect any change in circumstances or in
Smith+Nephew's expectations.

(◊) Trademark of Smith+Nephew. Certain marks registered in US Patent and
Trademark Office.

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOAUAARROVUARUA