Business
Board Changes
Board Changes.
About this update from B&m European Value Retail Plc
[{"type":"text","content":"\n \n \n RNS Number : 5819S\n B&M European Value Retail S.A.\n 09 July 2020\n \n \n \n \n \n \n \n \n \n \n 9 July 20\n 20\n \n \n \n B&M European Value Retail S.A.\n \n \n \n Board Changes\n \n \n \n \n \n B&M European Value Retail S.A. (the \"Company\") announces that, further to the announcement made on 3 March 2020, Alex Russo will join the Company as the Chief Financial Officer (\"CFO\") Designate on 5 October 2020. Alex will be appointed as an Executive Director and Chief Financial Officer (\"CFO\") of the Company on 16 November 2020 following a handover period with Paul McDonald. \n \n \n \n \n \n Paul McDonald will retire from the Board of Directors of the Company on 15 November 2020 but will remain employed by the Company under garden leave and remain able to assist the group as required for the remainder of his notice period to 8 January 2021.\n \n \n \n \n \n Peter Bamford, Chairman, said:\n \n \n \"I am delighted that Alex Russo will be joining the Board of B&M later this year. His previous roles with leading retail businesses in the UK and internationally brings a valuable level of experience to the Board as our business continues to grow at a significant rate. Paul McDonald has done an excellent job as CFO for the last nine years and we thank him for his contribution and wish him well for the future.\"\n \n \n \n \n \n In respect of Paul McDonald's remuneration the Company confirms that\n the following financial terms below have been agreed with Paul in line with the Company's Remuneration Policy which was approved by the shareholders at the 2018 AGM:\n \n \n \n \n \n 1. he will continue to receive salary and benefits up to the expiry of his notice period to 8 January 2021;\n \n \n \n \n \n 2. he will participate in the 2020/21 annual incentive bonus plan (\"AIP\"), on a pro-rata basis (excluding the period of garden leave), subject to the determination by the Remuneration Committee of the outcome of the performance conditions following the financial year end. One-third of any bonus will be subject to deferral into shares in the normal way;\n \n \n \n \n \n 3. as a good leaver his outstanding awards under the Long Term Incentive Plan (\"LTIP\") made in 2018 and 2019 will vest to the extent that the performance conditions ar...