Appointment of New CEO

RNS Number : 8129J

Ricardo PLC

26 August 2021

 

RICARDO PLC

APPOINTMENT OF NEW CEO

Ricardo plc ("Ricardo") is pleased to announce the appointment of Graham Ritchie as its new CEO, replacing Dave Shemmans who is stepping down from the Board after 16 years as CEO on 30 September 2021.  Graham will join Ricardo on 1 October 2021.

Graham has a proven track record in leading large divisions within listed companies and is well placed to ensure the strong execution of Ricardo's strategy.  Since 2016, Graham was a member of the Executive Committee of Intertek Group plc, responsible for its operations in Europe, including Russia, and Central Asia.  Prior to that role, Graham was Intertek's Group Financial Controller. Previously, Graham held senior financial positions at BT Group plc and other technology services organisations, having started his career with PwC.  Graham is a qualified Chartered Accountant and holds a BA in Economics.

Sir Terry Morgan, Chairman of Ricardo, said:

"After a thorough and rigorous search process we are delighted that Graham Ritchie has agreed to join Ricardo as its CEO.  Graham has significant business experience and the drive to help us take Ricardo to the next level of growth and development.  I am personally very pleased that we have been able to attract someone with his calibre, track record and further potential.  I look forward to working with him and the Executive Team over the next few years."

Dave Shemmans, Chief Executive of Ricardo, said:

"I am very proud of the progress that the exceptional Ricardo team has achieved during my time as CEO.  I am very pleased that Graham Ritchie is to join the business as my successor and I wish Graham, the Board and the Ricardo team my best wishes for continued success."

Commenting on his new role, Graham Ritchie added:

" 'I am delighted to be joining Ricardo at this time.  It has a strong heritage of success built on innovation and expertise in its chosen markets.  At this critical time where the need for environmental change is so fundamental, I have no doubt we can leverage this capability to deliver the Company's vision 'to create a world fit for the future'.  I look forward to meeting you all shortly to deliver this inspiring mission together."

Fixed Remuneration

As CEO of Ricardo, Graham Ritchie will receive an annual salary of £470,000, a pension allowance equivalent to a maximum of 7% of salary above the lower earnings limit and other usual benefits.  Specifically, the pension contribution level is aligned with the current pension provision levels of Ricardo's UK workforce.

Variable Remuneration

Graham will also be eligible to participate in Ricardo's existing annual bonus plan with a maximum opportunity of up to 125% of base salary, such bonuses being subject to performance and the normal deferral arrangements described in our Directors' Remuneration Policy that was approved by shareholders at the AGM held in November 2020 (the "Policy").  He will also be eligible to participate in our performance-based Long Term Incentive arrangements with a maximum opportunity of 150% of salary.

All remuneration arrangements are consistent with the Policy and will be set out in more detail in the Directors' Remuneration Report for the applicable financial year, a copy of which will be available from www.ricardo.com. 

Additional Disclosures

In accordance with the Listing Rules, there are no further matters requiring disclosure under LR 9.6.13R of the Listing Rules of the Financial Conduct Authority in relation to the appointment of Graham Ritchie.

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About Ricardo plc

Ricardo plc is a world-class environmental, engineering and strategic consulting company listed on the London Stock Exchange. With over 100 years of engineering excellence, we provide exceptional levels of expertise in delivering leading edge and innovative cross sector sustainable products and solutions, helping our global customers increase efficiencies, achieve growth and create a clear and safer future. Our mission is clear -- to create a world fit for the future.

The Ricardo plc LEI number is 213800ZNYAY35F4XB814. 

This announcement is released by Ricardo plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. 

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055 (as amended by the FCA pursuant to Technical Standards (Market Abuse Regulation) (EU Exit)

Instrument 2019), the person responsible for releasing this announcement is Patricia Ryan, Company Secretary of Ricardo plc.

Further enquiries: Ricardo plc	Tel: [phone]
Investec, David Flin	Tel: [phone]
Liberum, Richard Crawley	Tel: [phone]
SEC Newgate UK Elisabeth Cowell/ Richard Bicknell/Isabelle Smurfit Website: www.ricardo.com	Tel: [phone]

 

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