REG - Softcat PLC - 2023 Board Succession Planning

SoftcatAnnouncement

12/07/2022 07:00

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RNS Number : 0813S  Softcat PLC  12 July 2022

12 July 2022

 

 

Softcat plc

 

2023 Board Succession Planning

 

 

The Board of Softcat plc ("Softcat", or the "Company"), a leading UK provider
of IT infrastructure technology and services, is pleased to outline a series
of steps it intends to take to ensure continued, effective leadership of the
Company and orderly succession over the medium term. Whilst none of these
steps take effect until 2023, the Board is sharing details of its plans in
order to provide full transparency to shareholders.

 

 

2023 Planned Succession Steps

 

With effect from 1 August 2023, Graham Charlton will become CEO of Softcat.
This follows eight years as CFO during which time Graham has developed a deep
understanding of the business and what makes the Company successful, not least
the Softcat culture, which he has championed since joining the Company. The
Board believes Graham is the right person to lead the business successfully
through the next stage of its growth.

 

A search for a CFO to succeed Graham Charlton has commenced and will consider
external as well as internal candidates.

 

Also effective 1 August 2023, Graeme Watt will succeed Martin Hellawell as
Non-Executive Chair. At the time of succession, Graeme will have been CEO of
the business for over five years. This move has been carefully considered by
the Board, which acknowledges that the appointment of the CEO into the role of
the Chair is not in line with the recommendations of the UK Corporate
Governance Code. However, the Board was unanimous that Graeme's deep knowledge
of the business, Softcat's culture and its markets made him the ideal
candidate to support the interests of all our stakeholders.

 

Both Graham and Graeme's appointments have been considered as part of the
Board's succession planning process. External expertise from a leading
independent executive and board search firm has also been used to consider the
appropriateness and readiness of the candidates as well as alternatives.

 

With effect from 1 August 2023, Martin Hellawell, currently Non-Executive
Chair of the Company will step down from his position and from the Softcat
Board.

 

Outlining the planned steps, Karen Slatford, Chair of the Nomination Committee
and Senior Independent Director said: "Softcat is a very special business with
a distinct culture which puts people at the heart of everything we do.  As we
have been working on succession planning, we have been very focussed on
ensuring that we protect and develop that culture and continue to be committed
to the simple, proven growth strategy which has served us so well. Graeme and
Graham are the best people to lead the Company and we all look forward to
working with them when they assume their new roles in August 2023. We will
miss Martin when he steps down as Chair but are confident that he leaves us
with strong foundations for continued future success."

 

Graeme Watt commented "I am very excited to see Graham take the opportunity to
lead the Company from next year. Graham has an intimate knowledge of Softcat
which he has built up over eight years and I am confident he will continue to
drive the business forward. I relish the opportunity to remain on the Board as
Chair and believe we have established a very clear and successful governance
model in this respect. That said, these changes are a year away. I will remain
fully engaged and committed in my position as CEO and continue to drive the
business hard for the next twelve months. On behalf of the Board and the
Company I would like to pay tribute to Martin Hellawell for his outstanding
contribution to Softcat over many years."

 

Finally, Martin Hellawell commented "It has been a privilege and a tremendous
experience to have been involved with the Softcat team. When the time comes, I
am very pleased to be leaving Softcat in the hands of extraordinary successors
who I have every confidence will take the business to ever greater heights."

 

 

 

 For further information, please contact:

 Softcat plc
 Graeme Watt, Chief Executive Officer      +44 (0)1628 403 610
 Graham Charlton, Chief Financial Officer

 Media Enquiries ‐ FTI Consulting LLP
 Ed Bridges/Matt Dixon                     +44 (0)20 3727 1000

 

 

This announcement has been determined to contain inside information.

 

 

Remuneration:

All remuneration terms and payments will be in line with the Directors'
Remuneration Policy. The Remuneration Committee confirmed that Graeme Watt
will be treated as a good leaver under the terms of the Directors'
Remuneration Policy and associated plan rules. Further details on the specific
remuneration payments will be included in the Directors' Remuneration Report
in Softcat's 2022 Annual Report.

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