REG - Tate & Lyle PLC - Directorate Change

Tate & LyleAnnouncement

09/02/2022 07:00

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RNS Number : 0742B  Tate & Lyle PLC  09 February 2022

Tate & Lyle PLC - 9 February 2022

 

Dawn Allen Appointed Chief Financial Officer of Tate & Lyle PLC

 

Tate & Lyle PLC (Tate & Lyle) is pleased to announce the appointment
of Dawn Allen to the position of Chief Financial Officer, and to the Board of
Tate & Lyle, with effect from 16 May 2022.

 

Dawn Allen joins Tate & Lyle from Mars, Incorporated where she has been
Global CFO & VP, Global Transformation since 2020.  Prior to that, during
a 25-year career at Mars, she has held a number of senior financial roles in
Europe and the US including Global Divisional CFO, Food, Drinks and Multisales
and Regional CFO Wrigley Americas.

 

Nick Hampton, Chief Executive said: "I am delighted to welcome Dawn to Tate
& Lyle.  With over two decades of experience in the global food industry
and a proven track record of financial leadership, Dawn is an outstanding
addition to our executive team.  I very much look forward to working with her
and continuing to drive our growth agenda as Tate & Lyle enters a new
chapter as a focused global food and beverage solutions business."

 

Gerry Murphy, Chairman said: "Dawn's extensive financial, commercial and
international experience will be of great value to Tate & Lyle and she is
a very welcome addition to our Board."

 

End

 

For more information contact Tate & Lyle PLC:

 

Christopher Marsh, VP Investor Relations

Tel: Mobile: +44 (0) 7796 192 688

 

Nick Hasell, FTI Consulting (Media)

Tel: Mobile: +44 (0) 7825 523 383

 

Notes:

 

1)    Dawn Allen's Biography

 

Dawn Allen, 53, started her career in 1991 working for the auditing firm EY
based in the UK. In 1995, she joined Courtaulds plc in their Corporate
Finance department before moving to Mars, Incorporated in 1997 initially to
work as Europe Confectionary Finance Manager spending some time based in the
Netherlands.  She returned to the UK in 2000 taking on Sales Finance and
Financial Controller roles before being appointed as Country CFO Mars
Chocolate UK in 2007.

 

In 2013 she moved to Chicago to act as Regional CFO Wrigley Americas before
moving back to London in 2016 to take on the role of Global Divisional CFO,
Food, Drinks and Multisales. Then, in 2020, she was appointed to her current
position at Mars of Global CFO & VP, Global Transformation.

 

Dawn is also a Non-Executive Director of Tasty Bite Eatables Ltd, a public
company based in India.  She holds a Bachelor of Science in Chemistry at Bath
University, UK, and is a member of the Institute of Chartered Accountants of
England and Wales.

 

For rights free photos of Dawn Allen, please contact
mediarelations@tateandlyle.com or call Esyllt Dafydd, Global Corporate PR
Manager at Tate & Lyle on +44 (0)7775 544 136.

 

2)    Remuneration Arrangements

 

Dawn Allen is appointed on an annual salary of £475,000. This will next be
reviewed in April 2023. She will participate in our established executive
director incentive arrangements, currently comprising, in summary:

 

·   Annual discretionary bonus: 75% of salary at target and a maximum
opportunity of 150% of salary, subject to performance conditions; with awards
in excess of 100% of salary made as shares which are released after 24
months.

·   Long-term (Performance Share Plan) awards of up to 300% (maximum) of
base salary, subject to specified performance conditions over a three-year
performance period, with shares subject to a further two-year post-vesting
holding period.

 

She is required to accumulate a shareholding in Tate & Lyle equivalent to
three times base salary within five years of joining.

 

To compensate Dawn for incentive awards that she will forfeit at Mars,
Incorporated, Tate & Lyle will make her two performance-based Awards over
Tate & Lyle shares: (i) an Award with a headline value of £785,000 which
will be capable of vesting on the first anniversary of employment with Tate
& Lyle, subject to achievement of performance conditions relating to
specified individual and business objectives; and (ii) an Award with a
headline value of £950,000, subject to the same performance conditions as
Performance Share Plan Awards made to Executive Directors in 2021, and capable
of vesting following the announcement of full year financial results for the
year ending 31 March 2024. These compensatory awards will be subject to
forfeiture/repayment in full if she ceases to be employed in the first 36
months of employment due to her resignation or dismissal for cause.

 

3)    CFO Succession

 

Dawn Allen succeeds Vivid Sehgal as Tate & Lyle's Chief Financial Officer
who, as announced on 3 November 2021, left the company on 31 December 2021.

 

4)    Disclosures

 

Other than as disclosed above, no other information is required to be
disclosed pursuant to paragraph 9.6.13R of the Listing Rules in respect of
Dawn's appointment.

 

5)    About Tate & Lyle

 

Tate & Lyle PLC is a leading global provider of food and beverage
ingredients and solutions. Supported by our 160-year history of ingredient
innovation, we partner with customers to provide consumers with healthier and
tastier choices when they eat and drink. We are proud that millions of people
around the world consume products containing our ingredients every day.

 

Through our expertise in sweetening, mouthfeel and fibre fortification, our
Food & Beverage Solutions business develops solutions which reduce sugar,
calories and fat, add fibre, and provide texture and stability in categories
including beverages, dairy, bakery, soups, sauces and dressings. Our Primary
Products business produces nutritive sweeteners, industrial starches used in
paper and packaging, acidulants and products used for animal nutrition.

 

We have around 4,400 employees working in more than 60 locations across 30
countries. Tate & Lyle's purpose is Improving Lives for Generations and
through our purpose we believe we can successfully grow our business and have
a positive impact on society. We live our purpose in three ways, by supporting
healthy living, building thriving communities and caring for our planet.

 

Tate & Lyle is listed on the London Stock Exchange under the symbol
TATE.L. American Depositary Receipts trade under TATYY. In the year to 31
March 2021, Tate & Lyle sales totalled £2.8 billion. For more
information, please visit https://www.tateandlyle.com or follow Tate &
Lyle on Twitter, Linkedin or Facebook.

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