6th Dec 2007 09:43
DSG International PLC06 December 2007 DSG International PLC New Chief Executive - Remuneration Package and Share Interests 6 December 2007 DSG international plc, one of Europe's largest specialist electrical retailers,is pleased to announce that John Browett has joined the Company as ChiefExecutive. John joins from Tesco plc, where he held a variety of positions,including Operations Development Director and Head of Tesco.com. In accordance with best practice, we are today disclosing details of JohnBrowett's remuneration package. We are also providing details, in accordancewith the requirements of DTR 3.1.4R, of share awards and options granted. John will be paid a salary of £650,000 per annum. John has today been granted options and Long Term Incentive Plan (LTIP) awardsover ordinary shares of 2.5 pence each (Shares) in the Company pursuant to theCompany's Executive Share Option Scheme (the Scheme) and LTIP. Options were granted under the Scheme over 1,152,073 shares (representing 200%of salary) at an option price of 112.84 pence. These will vest on 6 December2010 provided that certain performance conditions are met over the three-yearperformance period (the three financial years starting at the beginning of theGroup's next financial year). If annual EPS growth is between retail price index(RPI) plus 3% and RPI plus 5%, then options will vest on a straight-line basisbetween 50 and 100% of the award. Vested options may be exercised during theperiod from 6 December 2010 to 5 December 2017. Two awards were also made to John under the LTIP over 1,125,541 and 788,834shares respectively and details are set out below. For the award over 1,125,541 shares, the number of Shares released at thevesting date, 6 December 2010, will depend upon whether the performancecondition has been met over the three-year period beginning 5 December 2007.This performance condition is measured in terms of the Total Shareholder Return(TSR) achieved by the Company over the performance period measured against theFTSE100. For TSR performance below the median, no Shares will vest, at medianperformance 40% of the award will vest, and at the upper quartile 100% of theaward will vest. A sliding scale applies for performance between the median andupper quartile. For the award over 788,834 shares, the release of shares is dependent, in mostcircumstances, on John remaining in employment with the Group for three years. No price is payable by John on grant or release of the LTIP awards. Notes to editors: BIOGRAPHY Before joining DSGi John Browett (43) was Operations Development Director atTesco. In this role, John was responsible for the design and improvement of theTesco operating model. This work covers aspects of the stores, depots and backoffice, both in the UK and its international operations in 12 countries. Prior to this role, he was CEO of Tesco.com, which under his leadership grewfrom a fledgling internet business into one of the world's most successfulinternet grocers. He had been with Tesco since October 1998, originally joining as Group StrategyDirector. Before joining Tesco he was at Boston Consulting Group, where heworked with a variety of clients specialising in consumer goods and retail. A graduate of Cambridge University, John has an MBA from the Wharton BusinessSchool. He is married with three children. Service Contract Key terms of the service contract for John Browett are set out below. Salary Basic salary: £650,000 per annum Bonus John Browett is entitled to participate in the annual bonus scheme applicable toexecutives. This incorporates pre-set targets approved by the RemunerationCommittee on an annual basis. For 2007/2008, a guaranteed bonus of £600,000 hasbeen agreed. Benefits John Browett will be eligible to participate in the following benefits: lifecover; pension contribution; use of company car or cash equivalent; medicalinsurance; permanent health insurance and personal accident cover. Notice Period The service contract provides for a notice period of 12 months from DSGinternational or from John Browett. The notice period from the Company isincreased to 2 years for notice given by DSG in the first year of employment. Contract Availability The service contracts for all Executive Directors of DSG international Plc areavailable for inspection during normal business hours at the Company's HeadOffice. For further information: David Lloyd-Seed Group Director of Investor Relations 01727 205 065Mark Webb Group Media Relations Manager 01727 205 019Susan Gilchrist Brunswick 020 7404 5959 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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