REG - Watches of Switzlnd. - Directorate Change

Watches of SwitzerlandAnnouncement

26/08/2021 07:00

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RNS Number : 8137J  Watches of Switzerland Group PLC  26 August 2021

 

 

Watches of Switzerland Group PLC

Directorate Change

 

Watches of Switzerland Group PLC ("the Group" or "the Company") today
announces the appointment of William "Bill" Floydd as Chief Financial Officer
(CFO) of the Group. Bill will succeed Anders Romberg who has informed the
Board of his intention to retire from the Group after seven years in the role.

 

The effective date of Bill's appointment as director and CFO will be announced
in due course and Anders will remain with the Group as a director and CFO
until then. He will leave the Group following a handover period.

 

Bill will join the Company from The Rank Group Plc, the FTSE 250 international
gaming, leisure, and entertainment group, where he has held the role of CFO
since November 2018. At Rank Bill has made a major contribution to its
transformation and in the last 18 months has led several financing initiatives
to ensure Rank has been able to weather the pandemic.

 

Prior to his role at Rank, Bill was CFO at FTSE 100 Experian Plc's UK and
Ireland region for over five years where he contributed to strong revenue and
EBIT growth while overseeing a range of M&A activity and Experian's FCA
authorisation process. Before this, Bill spent 12 years in a variety of
leadership positions at Logica Plc. Bill is a chartered accountant, having
qualified with PwC.

 

Brian Duffy, CEO, said: "I am delighted to welcome Bill as our incoming CFO
and look forward to working with him when he joins us. He brings a wealth of
senior financial expertise and leadership qualities, and the Group will
benefit greatly from his experience."

 

"On behalf of the Board, I would like to thank Anders for the significant
contribution he has made to the business as our CFO since 2014, including to
our successful IPO in 2019 and subsequent growth as a listed company.
Personally I would like to add that Anders has been a strong partner to me and
has played a key leadership role in the transformation of our business. Anders
leaves the Group in a strong financial position and we wish him all the very
best for the future."

 

Bill Floydd said: "I am delighted to be joining the Watches of Switzerland
Group at such an exciting phase of its growth, and look forward to working
closely with Brian, the Board and the wider team in continuing to deliver on
the Group's strategy."

 

Anders Romberg, CFO, said: "I have greatly enjoyed being part of the Watches
of Switzerland Group during a transformational period in the company's
history. Working alongside Brian and the entire organisation through an
investment-driven transformation period and a successful IPO two years ago has
been a career highlight. I will leave behind an immensely capable and
hard-working team which I have no doubt will continue to deliver on the
Group's strategic priorities and long-range growth plan."

 

Contacts

The Watches of Switzerland Group

Allegra Perry, Investor
Relations
              +44 (0) 20 7317 4600

investor.relations@thewosgroup.com (mailto:investor.relations@thewosgroup.com)
 

 

Headland

Lucy Legh / Rob
Walker
              +44 (0) 20 3805 4822

wos@headlandconsultancy.com (mailto:wos@headlandconsultancy.com)

 

Supplementary information

·    Bill Floydd's base salary will be £380,000 per annum and he will
receive a cash pension allowance of 3% of base salary. His maximum annual
bonus will be 125% of base salary and his maximum annual performance share
plan award will be 175% of base salary which are within the limits set out in
the Group's Directors' Remuneration Policy, approved by shareholders.

·    Bill Floydd will be required to build up and maintain a minimum
shareholding equal to 200% of base salary within five years of commencing his
employment at the Group.

·      In accordance with best practice both the bonus and LTIP contain
malus and clawback provisions that will allow the Group to recover or withhold
value in the event of certain defined circumstances.

·    Bill Floydd will also receive awards in the Group's shares to
compensate for the share awards he is forfeiting on leaving his previous
employer. These will remain subject to performance conditions where
appropriate and reflect the value of the forfeited awards. The vesting
timeline of the replacement awards will be the same as those which apply to
the forfeited awards. More details of the remuneration package and buyout
arrangements will be provided in the Group's FY22 Remuneration Report.

·   The Group confirms that there is no further information to be
disclosed under the requirements of Listing Rule 9.6.13R.

 

 

 

About the Watches of Switzerland Group

The Watches of Switzerland Group is the UK's largest luxury watch retailer,
operating in both the UK and US, comprising four prestigious brands; Watches
of Switzerland (UK and US), Mappin & Webb (UK), Goldsmiths (UK) and Mayors
(US), with a complementary jewellery offering.

 

As at 1 August 2021, the Watches of Switzerland Group has 153 stores across
the UK and US (including 42 dedicated mono-brand stores in these two markets
in partnership with Rolex, TAG Heuer, OMEGA, Breitling, Audemars Piguet, Tudor
and FOPE) and has a leading presence in Heathrow Airport with representation
in Terminals 2, 3, 4 and 5 as well as six transactional websites.

 

The Watches of Switzerland Group is proud to be the UK's largest retailer for
Rolex, Cartier, OMEGA, TAG Heuer and Breitling watches.

 

Mappin & Webb holds Royal warrants as goldsmiths, silversmiths and
jeweller to Her Majesty The Queen and silversmiths to His Royal Highness The
Prince of Wales. The Mappin & Webb master jeweller has been Crown
Jeweller, custodian of the Crown Jewels of Her Majesty The Queen since 2012.

 

https://www.thewosgroupplc.com (https://www.thewosgroupplc.com/)

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