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Directorate Change

1st Apr 2010 10:38

RNS Number : 6175J
Morrison(Wm.)Supermarkets PLC
01 April 2010
 



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

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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