Change of Chief Financial Officer


 

TIDMBXB 
 
RNS Number : 9977B 
Brambles Limited 
04 November 2009 
 
? 
Brambles Limited 
Company Number: 118 896 021 
 
 
 
 
5 November 2009 
 
 
 
 
BRAMBLES ANNOUNCES APPOINTMENT OF GREG HAYES AS 
 CHIEF FINANCIAL OFFICER 
 
 
Brambles announces appointment of Greg Hayes as Chief Financial Officer 
 
 
Brambles Limited is pleased to announce the appointment of Greg Hayes as Chief 
Financial Officer (CFO) with effect from 16 November 2009. Mr Hayes will replace 
current Brambles CFO, Liz Doherty, who has decided to return to the UK for 
family reasons. 
 
 
In joining Brambles, Mr Hayes, 51, will continue a successful and diverse career 
working in finance and commercial roles for major Australian companies. 
 
 
Most recently, he spent three years as Chief Executive Officer (CEO) of Tenix 
Group, a large, privately-owned diversified contractor. This role included 
oversight of the successful sale of Tenix's defence business, which concluded in 
2008. 
 
 
Before working for Tenix, he spent four years as CFO of The Australian Gas Light 
Company (AGL) acting as interim CEO during that company's demerger process in 
2006. 
These roles followed three years as CFO, Australia & New Zealand, for Westfield 
Holdings and nine years in senior executive roles at Southcorp Holdings , 
including two years as President of Southcorp USA. 
 
 
Brambles CEO, Tom Gorman, said: "I am very pleased to welcome Greg to the 
Brambles team and I look forward to working alongside an executive of his 
calibre. His proven track record as a public company executive and his extensive 
experience in a range of finance and commercial roles will be invaluable to 
Brambles. 
 
 
"Greg is a key appointment to Brambles' Executive Leadership Team as we move to 
our next growth phase, implement the recently announced outcomes of the CHEP USA 
review and accelerate our financial performance as economies recover." 
 
 
The Directors of Brambles thank Ms Doherty for the significant contribution she 
has made over the last two years in driving a robust cash performance and 
refinancing plan. Both of these activities have ensured that Brambles' balance 
sheet remains strong with prudent levels of unutilised debt facilities. Ms 
Doherty will resign as a director with effect from 16 November 2009. 
 
 
Mr Hayes will join Brambles' Board on 1 December 2009 and will be based in 
Sydney, Australia. 
 
 
For further information please contact: 
 
 
+----------------------------------------+----------------------------------------+ 
| Investors & Media:                     |                                        | 
+----------------------------------------+----------------------------------------+ 
| Michael Roberts                        | James Hall                             | 
| Vice President                         | Manager                                | 
| Investor Relations & Corporate Affairs | Investor Relations & Corporate Affairs | 
| +61 2 9256 5216                        | +61 2 9256 5262                        | 
| +61 418 263 199                        | +61 401 524 645                        | 
| michael.roberts@brambles.com           | james.hall@brambles.com                | 
+----------------------------------------+----------------------------------------+ 
 
 
 
 
Brambles is globally headquartered in Australia 
 
 
 
 
 
 
 
 
 
 
Robert Gerrard 
Group Company Secretary 
 
 
 
 
For further information on Brambles and all company announcements, presentations 
and webcasts, please visit the company website www.brambles.com. 
 
 
 
 
 
 
Attachments: 
 
 
A)    Summary of key contract terms for Greg Hayes 
B)    Termination entitlements for Liz Doherty 
 
 
 
 
 
 
 
 
Attachment A: Summary of key terms and conditions of employment for Greg Hayes 
 
 
Commencement date and term 
Greg Hayes will commence in the role of Chief Financial Officer on 16 November 
2009. He has an on-going contract, which may be terminated by Brambles without 
cause on giving 12 months' notice and by Mr Hayes without cause on giving six 
months' notice. 
Brambles may also terminate Mr Hayes' contract without notice in the event of 
serious misconduct. 
 
 
Remuneration package 
Mr Hayes' contract provides for the following remuneration package: 
 
 
  *  Base salary of A$1,250,000; 
  *  Car allowance of A$30,000; 
  *  Superannuation contributions of 15% of base salary; and 
  *  Participation in Brambles' incentive plans in line with current policy: 
 
oShort-term incentive (STI) opportunity of 60% of base salary (target) and




          90% (maximum);


oGrant of STI Share Awards under the Brambles 2006 Performance Share 
 
    Plan (Plan), the value of which will match the STI payment each year; and 
oGrant of annual long-term incentive share awards (LTI Award) under the 
 
       Plan equal to 130% of base salary. 
The manner in which these incentive plans will apply to Mr Hayes is as set out 
in sections 3.2, 3.3 and 4 of Brambles 2009 Remuneration Report (pages 36 to 38 
of its 2009 Annual Report) which is on Brambles' website (www.brambles.com). 
 
 
Mr Hayes will receive an additional LTI Award under the Plan for the number of 
shares equal to A$2.7M divided by the market value of Brambles shares as 
determined under the terms of the Plan.  This LTI Award will be granted on the 
same day and be subject to the same performance and vesting conditions as LTI 
Awards granted under that Plan for the 2010 financial year. 
 
 
Termination entitlements 
In the event that Mr Hayes' employment is terminated by the Company without 
cause, he is entitled to a payment equal to 12 months' base salary (inclusive of 
any payment in lieu of notice) and accrued entitlements. 
No STI Share Awards or LTI Awards will normally vest in these circumstances. 
However, if Mr Hayes' employment is terminated in accordance with the "good 
leaver" provisions of the Plan: 
 
 
  *  Any of his unvested STI Share Awards will vest at the date of cessation of 
  employment. 
  *  Any of his unvested LTI Share Awards will be retained and tested against their 
  performance conditions on the date they vest. Subject to the satisfaction of the 
  performance conditions, the number of Brambles shares to which Mr Hayes is 
  entitled would be reduced pro-rata by the period of his employment during the 
  relevant performance period of the LTI Share Awards. 
 
 
 
Mr Hayes' entitlement to any payments under the STI and LTI Plans upon his 
termination will be subject to the rules of the Plan and satisfaction of the 
applicable business and personal performance conditions. 
 
 
Attachment B: Summary of termination arrangements for Liz Doherty 
 
 
Timing of departure 
Liz Doherty will remain in the company's employ until 30 November 2009. Ms 
Doherty will resign from the Board on 16 November 2009. 
 
 
Summary of termination entitlements 
Ms Doherty will receive a total payment of A$1,765,000 upon ceasing employment, 
which includes: 
  *  12 months Total Fixed Remuneration (inclusive of payment in lieu of notice 
  period); and 
  *  a payment in consideration for the unvested Brambles shares that Ms Doherty was 
  granted on joining in December 2007. These shares were granted to Ms Doherty in 
  consideration for the long term incentive shares that she forfeited on leaving 
  Tesco. 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCEADFLESXNFAE

Brambles (LSE:BXB)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024