REG - WPP PLC - WPP ANNOUNCES CFO TRANSITION

WPPAnnouncement

08/11/2022 07:00

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RNS Number : 6530F  WPP PLC  08 November 2022

 

 

 

 FOR IMMEDIATE RELEASE  08 November 2022

 

 

WPP PLC ("WPP")

 

WPP ANNOUNCES CFO TRANSITION

John Rogers to step down as Chief Financial Officer of WPP, Joanne Wilson
appointed as successor

WPP (LSE/NYSE:WPP) today announced that Chief Financial Officer John Rogers
has decided to step down from the company.

 

John has made a significant contribution to WPP in his three years in the
role, has successfully led the first important stages of its transformation
programme and is now looking to pursue broader executive opportunities outside
the company. The Board has agreed that he will step down as Chief Financial
Officer and as an Executive Director of the Board following the finalisation
of the 2022 Annual Report & Accounts next year.

The Board has appointed Joanne Wilson to succeed John as Chief Financial
Officer. Joanne is currently Chief Financial Officer at Britvic plc
(LSE:BVIC), the UK-listed international soft drinks company.

Prior to Britvic Joanne had a successful career at Tesco where she gained
extensive experience both in the UK and internationally in a variety of
financial and commercial roles. These included Chief Financial Officer of
dunnhumby, a global leader in customer data science that is part of the Tesco
group. Joanne began her career at KPMG, where she qualified as a Chartered
Accountant and spent three years in Hong Kong. She is currently a
non-executive director of Informa plc (LSE:INF). Joanne is the chair of
Britvic's ESG Committee.

It is expected that Joanne will join WPP in the first half of 2023. To ensure
a smooth transition, John will remain available until later next year.

Mark Read, Chief Executive Officer of WPP, said: "I would like to thank John
for his leadership and for his contribution to WPP over the last three years.
During that time he has led the reorganisation of our finance function, helped
the company navigate the financial challenges of the pandemic and laid the
foundation for our transformation programme. He leaves WPP with our best
wishes for the future.

"Joanne is a highly regarded CFO and leader. Beyond her financial credentials,
her extensive experience in data, retail and ESG is especially valuable given
their importance to our business and our client base. We look forward to
welcoming her to WPP next year."

John Rogers said: "It has been a privilege to work alongside Mark, the Board
and the executive team to deliver our transformation plan and growth strategy,
and I am very proud of what we have achieved together over the last three
years.

"With WPP well positioned for ongoing success, and as the company enters the
next phase of its transformation, I feel now is the right time to move on to
new challenges and to begin a smooth transition to a new CFO. I look forward
to working with Joanne on the handover next year."

Joanne Wilson said: "I am delighted to be joining Mark and the team as they
continue on their journey to make WPP the most creative company
globally. It's a fantastic opportunity and I look forward to working with the
wider WPP team to continue to successfully execute the growth strategy and
deliver the company's transformation programme.''

Notes to Editors

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
Market Abuse Regulation No. 596/2014.

The person responsible for arranging the release of this announcement on
behalf of WPP is Balbir Kelly-Bisla, Company Secretary.

Joanne Wilson's remuneration arrangements

The Compensation Committee considered the remuneration arrangements for Joanne
Wilson and agreed that her remuneration should be set broadly in line with the
current CFO's remuneration as set out below. Joanne will be paid in accordance
with the Directors' Compensation Policy ("the Policy") approved by
shareholders on 10 June 2020 as set out in the 2019 Annual Report.

 

                                  Annual Value  Notes
 Base Salary                      £740,000
 STIP (Annual Bonus)              Up to 200%*   STIP Award up to a maximum of 200% with stretching targets set for exceptional
                                                performance above target STIP. Mandatory deferral of 40% of any STIP award
                                                into ESA shares deferred for a two-year period.
 LTIP (EPSP)                      Up to 300%*   LTIP Award of up to a maximum of 300% in performance shares. Performance will
                                                be measured over a three-year period using measures in line with the Policy.
 Share Ownership Requirement      300%*         In-employment requirement to build and maintain a WPP shareholding with

             additional post-employment shareholding requirement as set out in the Policy.

 Pension Allowance/ Contribution  10%*          Pension arrangements are in line with those of the wider workforce in the UK.
 Benefits Allowance               £30,000       Allowance to enable the procurement of benefits.

*Percentages refer to Base Salary

Joanne will also be granted cash and share awards which are due to vest in FY
2023, 2024 and 2025 to compensate for share and cash incentives from her
current employer that she will forfeit on joining WPP. These buyout awards are
no more generous in amount or deferral schedule than the awards being
forfeited by Joanne, full details of which will be disclosed in the Directors'
Compensation Report for the relevant year.

Joanne Wilson's contract of employment will be available for inspection at the
Company's registered office and on WPP's website, wpp.com, in due course.

John Rogers's remuneration:

John will be treated in accordance with WPP's shareholder approved Directors'
Compensation Policy for the remaining term of his employment to 7 November
2023. As he will be employed on 31 December 2022, he will be eligible to
receive an STIP Award (cash and ESA) for the 2022 financial year. He will not
receive an STIP or other incentive award for the 2023 financial year. Any
outstanding ESA awards will vest on a pro rata basis. All long term incentive
(EPSP) awards which are unvested at the point that he leaves WPP will lapse in
full. No further LTIP awards will be granted. John will be subject to
post-employment shareholding requirements as set out in the Policy.

 

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

 

 

For further information:

 

Investors and analysts

Anthony Hamilton                   }           +44
7464 532903

Caitlin Holt
}           +44 7392 280178

 

Media

Chris Wade
}           +44 20 7282 4600

 

Richard Oldworth,
+44 7710 130 634

Buchanan Communications               +44 20 7466 5000

 

wpp.com/investors (http://www.wpp.com/investors)

 

About WPP

WPP is the creative transformation company. We use the power of creativity to
build better futures for our people, planet, clients and communities. For more
information, visit www.wpp.com (https://www.wpp.com/) .

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