18th Aug 2015 07:52
FIDESSA GROUP PLC - Directorate ChangeFIDESSA GROUP PLC - Directorate Change
PR Newswire
London, August 18
Directorate changes
Fidessa group plc ("Fidessa") is pleased to announce the appointment of Andy Skelton as Chief Financial Officer with effect from 26th October 2015. Andy Skelton will replace Andy Malpass who, as announced in February 2014, will be retiring. Andy Malpass will step down as Chief Financial Officer on 26th October but remain an executive director until the announcement of the 2015 preliminary results in February 2016 so a well-managed handover can be effected.
Since July 2011, Andy Skelton has served as Deputy CFO at CSR plc, a global fabless semiconductor company which, until its recent acquisition by Qualcomm Incorporated, was listed on the London Stock Exchange and NASDAQ. Previously Andy was with Ericsson where he held a number of senior finance positions. Andy qualified as a chartered accountant in 1994.
Commenting on Andy's appointment, John Hamer, Chairman of Fidessa, said: “Andy is a very high calibre individual with strong finance and commercial skills alongside substantial experience in the technology sector. Andy will be an exceptional addition to our management team and is ideally suited to help lead Fidessa in the next phase of its development.”
"I would like to take this opportunity to thank Andy Malpass for his outstanding contribution to Fidessa over the past 20 years. Andy has helped to lead Fidessa through a period of exceptional growth and development and the board is very grateful to Andy for his many years of dedicated service, and we all wish him well for the future."
Andy Skelton does not currently hold any directorships of publicly quoted companies and has not held any during the last five years.
Save as disclosed above, there are no other disclosures required in respect of Andy Skelton pursuant to Rule 9.6.13 of the Listing Rules.
Remuneration
Andy Skelton's remuneration package will consist of a basic salary and variable incentive arrangements which are in line with Fidessa’s current remuneration policy and practice. A summary of Andy's remuneration package on appointment is as follows:
Andy will receive a basic salary of £300,000. He will be eligible for an annual bonus at a similar level to his predecessor and 50% of any bonus payable will be in form of deferred shares, using the Deferred Annual Bonus Plan ("DABP"), that will vest after three years. Andy will also be granted an award under the Performance Share Plan ("PSP") which will vest after four years subject to the achievement of performance conditions; that award will be granted at the next general grant under the PSP to senior management expected to occur during 2016. Andy will receive an award shortly after appointment of deferred shares using the DABP that will vest after three years. This award represents a buyout of remuneration which will be forfeited on leaving his previous employer. Andy will also receive a relocation allowance during his first year. Finally, Andy will receive the standard Fidessa benefits package as set out in the most recent Directors' Remuneration Report.Full details of the remuneration package will be disclosed in the relevant Annual Report on Remuneration.
Related Shares:
Fidessa Group