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easyJet PLC - Appointment of Chief Financial Officer

RNS Number : 3612Z
easyJet PLC
18 September 2020
 

18 September 2020

easyJet plc

('easyJet')

Appointment of Chief Financial Officer

This announcement contains inside information. 

 

easyJet is pleased to announce that Kenton Jarvis will be joining the Board as Chief Financial Officer, replacing Andrew Findlay who as previously announced will be stepping down from the board and leaving easyJet. We will provide an update on Kenton's start date in due course.  

Kenton is currently CEO of Aviation, and Business Improvement Director - Markets, at TUI Group. He has held a number of senior group and divisional finance roles since joining TUI in 2003.  Before joining TUI Travel Kenton was the Finance Director of Airtours Holidays and held a number of commercial finance roles at Adidas, prior to which he qualified as a chartered accountant with PwC.

Kenton has extensive experience of the travel and aviation sector having held a variety of finance roles including serving as finance director of the Northern region for TUI AG, Group Director of Finance and Control and Finance Director for the mainstream sector overseeing £12.5bn in revenue.  He has served on the management board for TUI and proven his ability to drive savings and successful turnaround programmes.  This expertise will be critical as easyJet enters a period of recovery from the most severe restrictions of the pandemic.

 

John Barton, Chairman of easyJet, commented:

"We are delighted to appoint Kenton as our next Chief Financial Officer. He is a candidate of very high calibre bringing with him vast industry experience and highly relevant skills to the role which will prove crucial in the coming months and beyond. I would like to welcome him on behalf of the board of easyJet.  I would also like to take this opportunity to thank Andrew Findlay for his tremendous contribution over the past five years and continued commitment and support in helping manage the airline through the recent unprecedented challenges."

 

Johan Lundgren, Chief Executive of easyJet, commented:

"Kenton will join us during this period of exceptional challenge for global aviation. His depth of knowledge of the travel industry and financial skills will be key as we continue to rebuild following the pandemic. I look forward to working closely with him as we ensure that aviation plays a vital role in the economic recovery and enables people to fly for holidays and work once again."

 

Kenton Jarvis commented:

"I am excited to be joining the most innovative, sustainable and customer-focused airline in Europe at such a pivotal moment in the history of the sector. I have great admiration for the team at easyJet and am proud to be joining them."

 

For further details please contact easyJet plc:

 

Institutional investors and analysts:

Holly Grainger

Investor Relations

+44 (0) 7583 101 913

 

 

 

Media:

Anna Knowles

Corporate Communications 

+44 (0) 7985 873 313

Edward Simpkins     

Finsbury                          

+44 (0) 7947 740 551

Dorothy Burwell

Finsbury

+44 (0) 7733 294 930

 

 

 

 

A copy of this announcement is available at http://corporate.easyjet.com/investors

 

 

LEI: 2138001S47XKWIB7TH90

 

Notes:

·    There is no information to be disclosed pursuant to Listing Rule 9.6.13.

·    In keeping with our remuneration policy the new Chief Financial Officer's remuneration package is designed to provide a competitive total pay arrangements with a focus on variable pay and structure in the interest of shareholders.  This is achieved through setting base pay at a competitive level, offering only modest pension and benefits and with the potential to earn above-market variable pay subject to the achievement of demanding performance targets. 

·    On appointment annual salary will be £520,000 with a maximum annual bonus opportunity 175% of salary.  One-third of any bonus earned is subject to compulsory deferral into shares for a period of three years.  In addition, there is a long-term incentive plan (LTIP) to incentivise and reward the successful delivery of the business strategy and sustained value creation for our shareholders.  LTIP awards will normally be made annually and only vest based on three-year performance against a challenging range of targets set and assessed by the Remuneration Committee. Awards under the LTIP will normally be at 200% of salary with an additional two-year holding period required following vesting and prior to their release.

·    Kenton will be expected to build and maintain a shareholding equivalent of at least 200% of salary over a five year period following appointment. 

·    In accordance with best practice both the bonus and LTIP contains malus and clawback provisions that will allow easyJet to recover or withhold value in the event of certain defined circumstances.

·   Kenton will also receive awards in easyJet shares to compensate for some, but not all, of the remuneration he is forfeiting on leaving his previous employer. These will remain subject to performance conditions where appropriate and reflect the value of the forfeited awards. The vesting timeline of the replacement awards will be the same as (or extended from) those which apply to the forfeited awards. 

·  More details of the remuneration package and buyout arrangements will be provided in the upcoming Annual Report.

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