Directorate change

BOARD CHANGES

Kevin Parry to succeed Justin Dowley as Chairman of Intermediate Capital Group plc

Intermediate Capital Group plc (the "Company") announces that Justin Dowley, Chairman of the Company, will retire from the Board at the Company's Annual General Meeting ("AGM") on 21 July 2016 after more than ten years on the Board (the last six years as Chairman). The Board are delighted that Kevin Parry has agreed to become Chairman, subject to his re-election as a Director at the AGM.

Kevin Parry is currently Senior Independent Director of the Company and Chairman of Audit Committee and will cease both positions on becoming Chairman. Peter Gibbs will replace Kevin Parry as Senior Independent Director of the Company. A search is underway for a new Non-Executive Director who will act as Chairman of the Audit Committee; an appointment will be announced in due course.

The Nomination Committee of the Board engaged an external search firm to assist with finding a replacement for Justin Dowley. After benchmarking external candidates, the Committee (excluding Justin Dowley and Kevin Parry) concluded that Kevin's extensive industry experience and deep knowledge of the Company and its operations made him the most appropriate candidate to be appointed Chairman.

Kevin Parry is a non-executive director of Standard Life plc and Daily Mail and General Trust plc and Chairman of the Homes and Communities Agency. He is a former Chief Financial Officer of Schroders and was a managing partner at KPMG, and has considerable executive and non-executive experience in the financial services sector.  

No further details remain to be disclosed as required under Listing Rule 9.6.13.

Justin Dowley, retiring Chairman, commented:

"I am proud of what the Company has achieved in transitioning its business model from being primarily an investment company to a leading specialist asset manager.

"I am pleased that Kevin has agreed to take over from me as Chairman from July. He has a wealth of significant industry experience and detailed knowledge of the Company's sector and business, which will contribute greatly to the future and continued success of the ICG group.

"I wish Kevin, the rest of the Board and the whole ICG team every success for the future." 

 Kevin Parry, incoming Chairman, commented:

"On behalf of the Board and management team I would like to thank Justin for his extensive contribution to the Company.  His experience and advice, coupled with his deep commitment to the success of the business have been invaluable and we wish him well for the future.

"I am delighted to have been asked to succeed Justin as Chairman and look forward to working with my Board colleagues and our strong management team in continuing to deliver on our strategic objectives."

 Investor Enquiries:

Ian Stanlake
Investor Relations, ICG plc
[phone]

Media Enquiries:

Helen Barnes
Corporate Communications, ICG plc
[phone]

Neil Bennett
Maitland
[phone]

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Intermediate Capital Group plc via Globenewswire

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