Directorate Change

RNS Number : 1378H

Chesnara PLC

02 August 2021

 

CHESNARA plc

("Chesnara" or "the Company")

02 August 2021

LEI Number: 213800VFRMBRTSZ3SJ06

CHESNARA PLC CHANGE OF DIRECTORSHIP

and REMUNERATION ARRANGEMENTS FOR CEO-ELECT

On 12 May 2021, Chesnara announced that John Deane intended to retire from the Company and to step down as Group Chief Executive by the end of the year.  Chesnara also announced that it had identified Steve Murray as intended successor to the role of Group Chief Executive.

Steve Murray has today been appointed an Executive Director of Chesnara and Countrywide Assured plc.  Upon securing regulatory approval, he will become Chesnara's Group Chief Executive.

Steve held a number of awards under the various incentive plans of his previous employer, The Royal London Mutual Insurance Society, and replacement awards will be granted upon his appointment as Group Chief Executive in line with Chesnara's Remuneration Policy.

-  A cash payment will be made to Steve upon appointment to compensate for the value of his 2018 Royal London STIP which was forfeited on cessation. 

-  He will be granted buy-outs of other Royal London awards using the approved Chesnara Long Term Incentive- and Short Term Incentive- schemes.  Steve's 2021 Royal London STIP will be met through the Chesnara Short Term Incentive Scheme, with 65% to be paid in cash to the extent it vests in April 2022 and 35% as share options deferred in line with the scheme.  In the case of the Royal London long term incentives, the Chesnara grants will be struck at the closing price on the day that his regulatory approval is received.  Should Chesnara be in a Closed Period at that time, these grants will be struck at the closing price of the first day's trading after that Closed Period comes to an end.

Full disclosure of these remuneration arrangements will be provided in the Directors' Remuneration Report to be published in 2022.

For further information, please contact:

Roddy Watt

Director, Capital Markets

FWD

Forward thinking communications

T  -  020 7280 0651 

E  -  [e-mail]  

Notes to Editors

Chesnara is a life and pensions company listed on the London Stock Exchange.  It administers over one million policies and operates as Countrywide Assured in the UK, as The Waard Group and Scildon in the Netherlands, and as Movestic in Sweden.

Following a three-pillar strategy, Chesnara's primary responsibility is the efficient administration of its customers' life and savings policies, ensuring good customer outcomes and providing a secure and compliant environment to protect policyholder interests. It also adds value by writing profitable new business in Sweden and the Netherlands and by undertaking value-adding acquisitions of either companies or portfolios.

Consistent delivery of the Company strategy has enabled Chesnara to increase its dividend for 16 years in succession.

Further details are available on the Company's website  (www.chesnara.co.uk).

 

END

 

 

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