(“Biffa” or “the Company”)
Appointment of Chief Financial Officer (‘CFO’)
and Chief Executive Officer (‘CEO’) Succession
26 July 2018
Biffa is pleased to announce the appointment of Richard Pike to the Board of the Company as CFO. Richard will join the Board as an Executive Director on 10 September 2018 and will assume the role of CFO on 29 September 2018.
Richard trained and qualified as a chartered accountant with Price Waterhouse and his early career included senior divisional and group finance roles at Scapa Group plc, Pilkington plc, Manchester Airports Group plc, and subsequently group chief financial officer and managing director roles at Associated British Foods plc and latterly as the Chief Financial Officer of Boparan Holdings Ltd, the UK’s second largest food manufacturer.
As previously announced on 13 June 2018, Michael Topham, currently CFO, will succeed Ian Wakelin as CEO. Concurrent with Richard Pike’s appointment, this will now happen on 29 September 2018. Ian Wakelin will step down from the Board and leave the Company on 28 September 2018.
Michael Topham, CFO and CEO designate commented:
“Richard comes with a proven track record of strong operational performance and strategic execution across many industries. I look forward to welcoming him to Biffa and to working with him as we continue to deliver our established strategy”
Ken Lever, Chairman, commented:
“I am delighted that Richard will be joining Biffa and I look forward to welcoming him to the Board. With his broad business background and extensive financial experience, he will be a valuable addition to the Biffa Board and executive team”.
1. Listing Rule 9.6.13R
In addition, the Company confirms that there are no further disclosures to be made in connection with Mr Pike’s appointment in accordance with Listing Rule 9.6.13R.
2. CFO Remuneration
On appointment Mr Pike will receive an annual salary of £325,000. In accordance with Biffa’s approved directors’ remuneration policy, he will be eligible to receive benefits and participate in the Annual Bonus Scheme and the Performance Share Plan pro-rata for 2018/2019.
Mr Pike does not currently hold any shares in the Company. Mr Pike’s contract of employment will be available for inspection at the Company’s registered office.
3. CEO Remuneration
On appointment as CEO, Mr Topham’s salary will increase to £495,000, andhis awards under the Annual Bonus Scheme and the Performance Share Plan for 2018/2019 will reflect this part-year salary increase.
Mr Topham’s contract of employment is available for inspection at the Company’s registered office.
4. Mr Wakelin’s Remuneration
Mr Wakelin is a voluntary leaver and therefore will not receive any severance payment when he leaves the Company. He will continue to receive his salary and benefits until he leaves Biffa and he will also be eligible to receive a bonus for the portion of 2018/2019 for which he is employed by Biffa, subject to performance.
Mr Wakelin will not receive the Performance Share Plan award made to him in 2017 which will lapse on his leaving employment. The Remuneration Committee have agreed that a time pro-rated portion of Mr Wakelin’s 2016 Performance Share Plan award will remain capable of vesting, subject to performance conditions on a wait and see basis at the normal vesting date and may then be exercised in accordance with the plan rules. No 2018 Performance Share Plan award has been made to Mr Wakelin.
Further details of the operation of the Performance Share Plan is set out in the Directors’ Remuneration Report in the Company’s Annual Report and Financial Statements 2018. Full disclosure of all Mr Wakelin’s remuneration arrangements will be provided in the Directors’ Remuneration Report in 2019 and on the Company’s website in due course.
5. Board Composition
With effect from 29 September 2018, the composition of the Board of Biffa will be as follows:
Mr Ken Lever Non-Executive Chairman
Mr Michael Topham Chief Executive Officer
Mr Richard Pike Chief Financial Officer
Mr David Martin Senior Independent Non-Executive Director
Mr Michael Averill Independent Non-Executive Director
Ms Carol Chesney Independent Non-Executive Director
Instinctif Partners Tel: +44 (0)20 7457 2020
Cautionary statement regarding forward-looking statements
This announcement contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the Company’s business. Whilst the Company believes the expectations reflected herein to be reasonable in light of the information available to them at this time, the actual outcome may be materially different owing to factors beyond the Company’s control or within the Company’s control where, for example, the Company decides on a change of plan or strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements.
The information communicated in this announcement is inside information. If you have any queries on this, then please contact Rachael Hambrook, Company Secretary (responsible for arranging the release of this announcement) at Biffa plc Coronation Road, Cressex, High Wycombe, Bucks HP12 3TZ on +44 (0) 1494 521221
Biffa is a leading UK-based integrated waste management business. The Group operates across the breadth of the waste management value chain, including the collection, treatment, processing and disposal of waste and recyclable materials, as well as related work in the production and sale of energy derived from waste and the sale of recovered commodities such as paper, glass, metals and plastic. Biffa’s customer base for these services includes local authorities (which includes the collection of waste from households), large corporates and SMEs, and purchasers of end-product commodities and energy. The Group’s services are organised across four operating divisions: Industrial & Commercial; Municipal; Resource Recovery & Treatment (RR&T); and Energy. In FY 2018, the Group’s total revenue was £1,076.7 million and its Underlying EBITDA was £150.0 million. Biffa was admitted to trading on the London Stock Exchange’s main market for listed securities in October 2016 under the ticker “BIFF”.
For more information visit www.biffa.co.uk