1st Apr 2010 10:38
Wm Morrison Supermarkets Plc
1 April 2010
Appointment of Chief Executive Officer, Share Awards
and Board Responsibilities Changes
Wm Morrison Supermarkets Plc (the "Company") announces that Dalton Philips, whose appointment as Chief Executive was announced on 27 January 2010, took up his position as a Director and Chief Executive Officer of the Company on 29 March 2010 and has today been appointed a member of the Board's Nomination and Corporate Compliance and Responsibility Committees with immediate effect.
In connection with his appointment as Chief Executive Officer, on 31 March 2010 the Company made two share awards to Dalton Philips to compensate him for share awards forfeited upon leaving his previous employer where vesting was dependent upon continued employment with no performance conditions. The vesting dates of the awards correspond to the intended vesting dates of the awards from his former employer to which they relate. Both of these awards were granted pursuant to the exemption from the need for prior shareholder approval contained in Listing Rule 9.4.2R(2).
No consideration is payable in connection with the grant or vesting of either of these awards.
The first award is over 319,401 ordinary shares of 10p in the Company, is not subject to any performance conditions and vested immediately on grant. Mr Philips has sold only such number of ordinary shares (131,218) as was necessary to satisfy the income tax and national insurance contributions liabilities arising on the award.
The second award is in respect of 120,965 ordinary shares of 10p each in the Company and will ordinarily vest on 25 March 2012, unless Mr Philips resigns or his contract is terminated by the Company prior to that date. The second award is not subject to any performance conditions.
Full details of Dalton Philips' remuneration arrangements (and those of all other directors) will be included in the Company's Remuneration Report.
The above notifications in respect of the share awards granted to Dalton Philips are intended to satisfy the Company's obligations under Disclosure and Transparency Rule 3.1.4.
The Company also announces that, following a review of the composition of its Board Committees, the following Directors are now members of the following Board Committees.
Board Committee |
Director |
Audit |
Philip Cox (Chair) Brian Flanagan Penny Hughes Johanna Waterous |
|
|
Remuneration |
Paul Manduca (Chair) Philip Cox Brian Flanagan Sir Ian Gibson Penny Hughes Nigel Robertson Johanna Waterous |
|
|
Nomination |
Sir Ian Gibson (Chair) Philip Cox Brian Flanagan Penny Hughes Paul Manduca Dalton Philips Nigel Robertson Johanna Waterous |
|
|
Corporate Compliance & Responsibility |
Nigel Robertson (Chair) Sir Ian Gibson Martyn Jones Dalton Philips Johanna Waterous
|
ENDS
Related Shares:
MRW.L