Directorate Change

RNS Number : 3086Z

Vesuvius plc

17 September 2015

 



17 September 2015

Vesuvius plc

Appointment of Chief Financial Officer

Vesuvius plc, a global leader in molten metal flow engineering, is pleased to announce the appointment of Guy Young as Chief Financial Officer and Executive Director with effect from 1 November 2015. Mr Young replaces Chris O'Shea who, as previously announced, will step down from the Board of Vesuvius plc today.

Mr Young joins Vesuvius plc having most recently served as Chief Financial Officer of Tarmac, the British building materials company. Prior to his role at Tarmac he held a number of senior financial and business development positions at Anglo American plc. Mr Young is a South African citizen and qualified with the South African Institute of Chartered Accountants.

Bill Kelly, presently the Vice President Finance for the Foundry Division will be appointed Interim Chief Financial Officer from 18 September until Mr Young joins the Board. Mr Kelly will not be appointed as a Director of Vesuvius plc. Mr Kelly is a seasoned finance professional having held various senior positions in Vesuvius plc's operations globally and in North America since joining the business in 2002.

John McDonough CBE, Chairman of Vesuvius, said:

"I am delighted to announce the appointment of Guy Young to the Board of Vesuvius plc as Chief Financial Officer. Guy brings a wealth of financial and operational insight gained through his extensive international experience in the mining and industrial sectors, which will add to the knowledge of the Board and the Executive management team of Vesuvius plc. We welcome Guy and look forward to his contribution to the continued success of the business over the coming years."

Guy Young said:

"I am delighted to be joining Vesuvius and look forward to working with the Board and senior management team to help deliver the Group's strategic objectives".

Statutory and other disclosures

No other disclosure obligations arise under paragraphs (1) to (6) of LR 9.6.13 R of the Financial Conduct Authority's Listing Rules in respect of this appointment.

Mr Young's service contract, remuneration and benefits will be consistent with the Vesuvius plc directors' remuneration policy approved by shareholders at the Annual General Meeting in May 2014. A summary of the key terms is provided below. Further detail will be set out in the Company's remuneration report for the year ending 31 December 2015.

Mr Young's base salary will be £325,000 per annum. He will be eligible for an annual bonus of up to 100% of base salary. He will also be eligible for an annual award under the company's LTIP of up to 125% of base salary. Additionally, he will receive a pension allowance of 25% of his base salary, private healthcare and other customary benefits. On joining, Mr Young qualifies for participation in the Vesuvius plc annual bonus plan, with any payment made being pro-rated for his length of employment during the 2015 financial year.

As a consequence of joining Vesuvius plc, Mr Young is expected to forfeit certain long-term incentives from his current employer. In order partially to compensate him for this, he will receive a one-off restricted share award under the Vesuvius plc Share Plan of Vesuvius plc shares with a maximum value of £150,000. The number of shares Mr Young will receive under the restricted share award will be calculated with reference to the closing market price on the date on which Mr Young commences employment at Vesuvius, and will vest in equal instalments on (1) the date falling 6 months following his date of commencement of employment and (2) the second anniversary of the date of his commencement of employment. The restricted share award will be made in accordance with the rules of the Vesuvius plc Share Plan, which includes malus and clawback provisions.

Mr Young's service contract with Vesuvius plc requires 6 months' notice of termination by him and 12 months by the Company. The Company may also terminate his employment by making a payment in lieu of notice (PILON) equivalent to the value of his base salary and benefits set out above (including pension allowance but excluding bonus) in respect of any unserved period of notice. The service contract contains specific provisions enabling a reduction in any phased PILON payments in the event that he finds alternative employment during the notice period.

Ends

For further information please contact:

Shareholder/Analyst Enquiries:
Vesuvius plc                                    Nicolas Mathei, Group Head of Corporate Finance Virginia Skroski, IR Manager	[phone]
Media Enquiries:
MHP Communications	[phone]
John Olsen / Tim Rowntree/ Jamie Ricketts

About Vesuvius plc

Vesuvius is a global leader in molten metal flow engineering principally serving the steel and foundry industries.

We develop innovative and customised solutions, often used in extremely demanding industrial environments, which enable our customers to improve their manufacturing processes, enhance product quality and reduce energy consumption.  These include flow control solutions, advanced refractories and other consumable products and - increasingly - related technical services including data capture.

We have a worldwide presence.  We serve our customers through a network of low-cost manufacturing plants located close to their own facilities, and embed our industry experts within their operations, who are all supported by our global technology centres.

Our core competitive strengths are our market and technology leadership, strong customer relationships, well established presence in developing markets and our global reach, all of which facilitate the expansion of our addressable markets.

Our ultimate goal is to create value for our customers, and to deliver sustainable, profitable growth for our shareholders giving a superior return on their investment whilst providing each of our employees with a safe workplace where he or she is recognised, developed and properly rewarded.

Vesuvius plc, 165 Fleet Street, London EC4A 2AE

Registered in England and Wales No. 8217766

 

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