Appointment
Rentokil Initial PLC
06 February 2005
6th February 2005
RENTOKIL INITIAL ANNOUNCES APPOINTMENT OF DOUG FLYNN
AS CHIEF EXECUTIVE
Rentokil Initial plc today announces that it has appointed Doug Flynn (55) as
Chief Executive.
Mr Flynn is currently Chief Executive of the global marketing services company
Aegis Group PLC and will join Rentokil Initial with effect from 4 April 2005. He
joined the Aegis board in 1998 as a non-executive director and was appointed
Chief Executive in 1999. Prior to this he spent 13 years with the News
Corporation Ltd in the UK and Australia, latterly as Managing Director of News
International Plc. Before joining the News Corporation Ltd he was with ICI for
10 years working in Australia and Hong Kong in various management roles.
Doug Flynn's five year tenure at Aegis has seen the business double in size,
transforming it from a European media buying business to a marketing services
group with global coverage employing approximately 10,500 staff in over 60
countries. As Chief Executive he has been responsible for re-thinking the
strategy to meet the challenges posed by increased competition in the market and
global consolidation.
Aegis, which is listed on the London Stock Exchange, currently has annualised
turnover of over £7 billion, revenues of £650 million and a market
capitalisation of circa £1.2 billion. Over the last two years the company has
delivered record profits which have been achieved by a mix of strong organic
growth and acquisitions.
Prior to joining Aegis, Doug was responsible for major structural and management
changes at News International, improving operations and achieving a more
commercial focus and more aggressive pursuit of market opportunities.
Brian McGowan said today, 'Doug Flynn's extensive international experience at
driving through structural change, building strong management teams and growing
businesses to meet challenging and competitive markets are exactly the qualities
we believe are required at Rentokil Initial. He has strong experience of running
a diversified global services business made up of multiple operating units and
has a proven track record of developing businesses operating in diverse
geographies.
'The Board was very impressed by Doug's energy, enthusiasm and obvious
leadership qualities. We are delighted to welcome him to Rentokil Initial.'
Doug Flynn commented, 'Rentokil Initial is a world class business with strong
brands and a committed workforce. I am very much looking forward to working with
the Board and management team to meet the competitive challenges in the market
place and maximise the opportunities for growth in the business.'
For further information please contact:
Charles Grimaldi, Corporate Affairs Director 07801 019908
John Sunnucks, Brunswick Group LLP 07974 982356
Alex Mackey, Catullus Consulting 07773 787458
Notes to Editors
1. Remuneration
The principle behind Doug Flynn's remuneration package is to align financial
reward to the performance of Rentokil Initial and the interests of shareholders.
He is incentivised to build a strong and sustainable business for the medium and
long term - there is no payment under the bonus or LTIP if the company
underperforms.
•Salary - £800,000 p.a
•Bonus - on target 50% of salary
- maximum 100% of salary
•Normal benefits (e.g. medical, life assurance, car, defined contribution
pension)
•Notice period - 12 months but notice cannot be given in first 12 months
•Long term incentive plan for next 5 years:-
a) A share award equivalent to one year's salary for each year
b) TSR performance targets against comparator groups for vesting:-
i) below median - nil
ii) at median - 25%
iii) at upper quartile - 100%
iv) pro rata between median and upper quartile
c) three equal tranches tested for performance vesting at end of 3rd, 4th
and 5th years
d) no retesting
•£2.4 million compensation for shares forfeited at Aegis (independently
valued at £2.5 million) to be paid one third in cash and two thirds in
Rentokil Initial shares, in three tranches.
2. Biography of Doug Flynn
1998 - Present AEGIS GROUP PLC
1999 - Present CEO
1998 - 1999 Non-Executive Director
1987 - 1999 THE NEWS CORPORATION LTD
1994 - 1999 Deputy Managing Director, News International Newspapers
Limited Managing Director, News International Plc
1990 - 1994 Managing Director, News Limited Suburban Newspapers,
Sydney, Australia
1987 - 1990 Chief Executive and Managing Director, Davies Brothers Limited
1985 - 1987 IBIS DH&S
Australia
Senior Consultant, Strategic Services Division
1975 - 1985 ICI AUSTRALIA LIMITED
1984 - 1985 Manager, Strategic Planning, ICI Australia Limited
1982 - 1984 Regional Manager, WA - ICI Explosives Division
1982 Strategy Research for ICI Australia Explosives Division
1980 - 1982 Manager, ICI Explosives International, Hong Kong
1978 - 1980 Marketing and Sales Manager, Bulk Operations, ICI, Australia
1975 -1978 Senior Projects, Engineer, ICI Australia Explosives Division
1973 - 1975 AUTOMATIC ICE CO AND FLYNN O'KEEFE
1967 - 1973 BROKEN HILL PTY CO LTD (BHP)
Education
University of Newcastle, Australia BE (Chemical Engineering) Hons, 1972
University of Melbourne, Australia MBA with Distinction, 1978
Nationality
Australian
3. Rentokil Initial
Rentokil Initial is one of the largest business services companies in the world,
with some 93,000 employees, providing a range of support services. It operates
across more than 40 countries, including the major economies in Europe, North
America, Asia Pacific and Africa. The business operates in four markets:
Hygiene, Security, Facilities Management and Parcels Delivery. All of the
services within these four markets are provided under either the 'Rentokil' or
'Initial' brand names.
This information is provided by RNS
The company news service from the London Stock Exchange