7th Feb 2005 07:00
Rentokil Initial PLC06 February 2005 6th February 2005 RENTOKIL INITIAL ANNOUNCES APPOINTMENT OF DOUG FLYNN AS CHIEF EXECUTIVE Rentokil Initial plc today announces that it has appointed Doug Flynn (55) asChief Executive. Mr Flynn is currently Chief Executive of the global marketing services companyAegis Group PLC and will join Rentokil Initial with effect from 4 April 2005. Hejoined the Aegis board in 1998 as a non-executive director and was appointedChief Executive in 1999. Prior to this he spent 13 years with the NewsCorporation Ltd in the UK and Australia, latterly as Managing Director of NewsInternational Plc. Before joining the News Corporation Ltd he was with ICI for10 years working in Australia and Hong Kong in various management roles. Doug Flynn's five year tenure at Aegis has seen the business double in size,transforming it from a European media buying business to a marketing servicesgroup with global coverage employing approximately 10,500 staff in over 60countries. As Chief Executive he has been responsible for re-thinking thestrategy to meet the challenges posed by increased competition in the market andglobal consolidation. Aegis, which is listed on the London Stock Exchange, currently has annualisedturnover of over £7 billion, revenues of £650 million and a marketcapitalisation of circa £1.2 billion. Over the last two years the company has delivered record profits which have been achieved by a mix of strong organic growth and acquisitions. Prior to joining Aegis, Doug was responsible for major structural and managementchanges at News International, improving operations and achieving a morecommercial focus and more aggressive pursuit of market opportunities.Brian McGowan said today, "Doug Flynn's extensive international experience atdriving through structural change, building strong management teams and growingbusinesses to meet challenging and competitive markets are exactly the qualitieswe believe are required at Rentokil Initial. He has strong experience of runninga diversified global services business made up of multiple operating units andhas a proven track record of developing businesses operating in diversegeographies. "The Board was very impressed by Doug's energy, enthusiasm and obviousleadership qualities. We are delighted to welcome him to Rentokil Initial." Doug Flynn commented, "Rentokil Initial is a world class business with strongbrands and a committed workforce. I am very much looking forward to working withthe Board and management team to meet the competitive challenges in the marketplace and maximise the opportunities for growth in the business." For further information please contact: Charles Grimaldi, Corporate Affairs Director 07801 019908 John Sunnucks, Brunswick Group LLP 07974 982356 Alex Mackey, Catullus Consulting 07773 787458 Notes to Editors 1. Remuneration The principle behind Doug Flynn's remuneration package is to align financialreward to the performance of Rentokil Initial and the interests of shareholders.He is incentivised to build a strong and sustainable business for the medium andlong term - there is no payment under the bonus or LTIP if the companyunderperforms. •Salary - £800,000 p.a •Bonus - on target 50% of salary - maximum 100% of salary •Normal benefits (e.g. medical, life assurance, car, defined contribution pension) •Notice period - 12 months but notice cannot be given in first 12 months •Long term incentive plan for next 5 years:- a) A share award equivalent to one year's salary for each year b) TSR performance targets against comparator groups for vesting:- i) below median - nil ii) at median - 25% iii) at upper quartile - 100% iv) pro rata between median and upper quartile c) three equal tranches tested for performance vesting at end of 3rd, 4th and 5th years d) no retesting £€2.4 million compensation for shares forfeited at Aegis (independently valued at £2.5 million) to be paid one third in cash and two thirds in Rentokil Initial shares, in three tranches. 2. Biography of Doug Flynn 1998 - Present AEGIS GROUP PLC1999 - Present CEO1998 - 1999 Non-Executive Director1987 - 1999 THE NEWS CORPORATION LTD1994 - 1999 Deputy Managing Director, News International Newspapers Limited Managing Director, News International Plc1990 - 1994 Managing Director, News Limited Suburban Newspapers, Sydney, Australia1987 - 1990 Chief Executive and Managing Director, Davies Brothers Limited1985 - 1987 IBIS DH&S Australia Senior Consultant, Strategic Services Division1975 - 1985 ICI AUSTRALIA LIMITED1984 - 1985 Manager, Strategic Planning, ICI Australia Limited1982 - 1984 Regional Manager, WA - ICI Explosives Division1982 Strategy Research for ICI Australia Explosives Division1980 - 1982 Manager, ICI Explosives International, Hong Kong1978 - 1980 Marketing and Sales Manager, Bulk Operations, ICI, Australia1975 -1978 Senior Projects, Engineer, ICI Australia Explosives Division1973 - 1975 AUTOMATIC ICE CO AND FLYNN O'KEEFE1967 - 1973 BROKEN HILL PTY CO LTD (BHP) Education University of Newcastle, Australia BE (Chemical Engineering) Hons, 1972University of Melbourne, Australia MBA with Distinction, 1978 NationalityAustralian 3. Rentokil Initial Rentokil Initial is one of the largest business services companies in the world,with some 93,000 employees, providing a range of support services. It operatesacross more than 40 countries, including the major economies in Europe, NorthAmerica, Asia Pacific and Africa. The business operates in four markets:Hygiene, Security, Facilities Management and Parcels Delivery. All of theservices within these four markets are provided under either the 'Rentokil' or'Initial' brand names. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Rentokil Initial