Business
Announcement on CEO Retirement
Announcement on CEO Retirement.
About this update from Seplat Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 9778U\n Seplat Petroleum Development Co PLC\n 03 August 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC (\"SEPLAT\" OR THE \"COMPANY\")\n \n \n AUSTIN AVURU RETIRED AS CHIEF EXECUTIVE OFFICER \"CEO\" OF SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC ON JULY 31, 2020\n \n \n \n Lagos and London - August 3, 2020: \n \n Further to the announcement made on November 18, 2019, Seplat Petroleum Development Company Plc (\"SEPLAT\" or the \"Company\") confirms that Mr. Austin Avuru has retired as the CEO of the Company. Mr. Avuru will remain on the Board as a Non-Executive Director.\n \n \n In the interest of full transparency and corporate governance best practice, the Company provides below disclosure in accordance with section 430(2B) of the UK Companies Act 2006. It should be noted that as a Nigerian incorporated company, the Company is not legally required to follow this legislation but wishes to do so to demonstrate good governance. \n \n \n The Remuneration Committee of the Company has confirmed that Mr. Avuru will be considered a Good Leaver on his retirement, and the following arrangements will apply in respect of his remuneration:\n \n \n 1. Mr. Avuru will receive a lump sum payment in lieu of notice equal to his salary, benefits, and pension allowance until November 18, 2020. In line with Nigerian market practice, certain benefits around security and travel continue to operate for an appropriate period thereafter.\n \n \n 2. In respect of the 2020 financial year, he will receive a pro-rata bonus to reflect his time as CEO during the financial year, subject to achievement of performance conditions at the end of the year. Any bonus will be awarded in cash and will be paid on the normal payment date.\n \n \n 3. Awards made to Mr. Avuru in the form of deferred shares under the annual bonus in 2019 and 2020 will vest at the normal vesting dates.\n \n \n 4. Awards made to Mr. Avuru under the LTIPs granted in 2018, 2019, and 2020 will vest at the normal vesting dates, subject to achievement of the relevant performance conditions. These awards will not be pro-rated for time.\n \n \n 5. Mr. Avuru will be subject to the post-employment shareholding requirement for two years in line with the Directors' Remuneration Poli...