TIDMSBRY
RNS Number : 2855R
Sainsbury(J) PLC
05 July 2022
J Sainsbury PLC Directorate Change
Kevin O'Byrne to retire from his role as Chief Financial
Officer
Bl á thnaid Bergin appointed Chief Financial Officer from March
2023
After six years as Chief Financial Officer (CFO), Kevin O'Byrne
has confirmed his intention to retire from Sainsbury's at the end
of this financial year, in March 2023.
Following a thorough external and internal search to identify a
successor, the Board is pleased to appoint Bl á thnaid Bergin,
Commercial and Retail Finance Director, as Kevin's successor. Bl á
thnaid will start as Chief Financial Officer and join the PLC board
on 6(th) March 2023.
Kevin joined Sainsbury's in January 2017 and, as a member of the
PLC and Operating Board, has played an instrumental role in
developing and implementing our strategy, in particular increasing
free cash flow generation, strengthening the balance sheet and
reducing leverage.
Bl á thnaid joined Sainsbury's in 2019 as Group Director of
Finance before moving to Commercial and Retail Finance Director in
2021. Bl á thnaid has a strong record of financial leadership and,
over the last three years at Sainsbury's, has supported the
development and delivery of our strategy. Prior to joining
Sainsbury's, Bl á thnaid was Chief Finance Operations Officer at
Aviva. She was also Group Financial Controller for RSA Insurance as
well as Joint Interim Group Chief Financial Officer for six months.
She is a qualified Chartered Accountant and spent most of her
career at GE in various finance roles working across Europe, Asia
and Australia. Bl á thnaid is also a Non-Executive Director, Chair
of the Audit Committee and Senior Independent Director for Artemis
Alpha Investment Trust.
Martin Scicluna, Chairman, said :
"Kevin has made an impressive and sustained contribution both as
CFO and as a Board Member to Sainsbury's performance. On behalf of
the Board I would like to thank him for his continued contribution
and, when the time comes, wish him well for the future.
"Bl á thnaid' s appointment concludes an extensive CFO search
process. I am delighted that our internal candidate was the
strongest, with proven financial leadership.
"I look forward to welcoming Bl á thnaid to the Board next year.
I am certain that she will contribute strongly to the continued
delivery of our strategy."
Simon Roberts, Chief Executive Officer said :
"Kevin and I have worked closely since I joined the business in
2017. He has been a great business partner, making a strong
contribution. On behalf of all of Sainsbury's colleagues I would
like to thank him for all he has done.
"Bl á thnaid is well embedded in our business and is a highly
respected leader. I am also looking forward to continuing to
working alongside her to deliver our strategy."
Kevin O'Byrne, Chief Financial Officer, said :
"It has been a real privilege to work with all my colleagues in
Sainsbury's. I am very pleased to be handing over to Bl á thnaid
who will bring great commercial drive to the role. I shall continue
to focus, with my team, on delivering our plan and driving momentum
while managing a smooth transition over the next nine months."
Bl á thnaid Bergin said :
"Kevin has been an excellent mentor over the last few years and
I wish him well in the future. I am looking forward to joining the
Board and supporting Simon's vision in driving value for our
customers and stakeholders."
There are no additional matters that would require disclosure
under LR 9.6.13R (1).
Contacts:
Investor Relations: James Collins +44 (0) 20 7695 0080
Media: Rebecca Reilly +44 (0) 20 7695 7295
Notes:
All remuneration arrangements for Kevin O'Byrne's departure are
consistent with the Company's shareholder approved remuneration
policy and the Company's incentive plan rules.
Kevin O'Byrne will receive base salary, pension and benefits
through to his retirement on 4(th) March 2023. He will be
considered for an annual bonus for 2022/23 based on financial and
strategic objectives. Any award will be 50% in cash and 50% in
shares subject to a two-year deferral period.
In light of his contribution to the business and his planned
retirement, Kevin will be treated as a good leaver for all of his
outstanding deferred bonus shares and LTIP share awards. These will
be released on the scheduled vesting dates and, in respect of the
LTIP grants, to the extent performance conditions are met and after
pro-rating for the portion of the performance period worked. Post
vesting holding periods, where relevant, and malus and clawback
terms apply. A post-employment shareholding requirement of 200% of
salary applies for two years after departure.
Other than as detailed above, Kevin will not receive any other
compensation or payment related to the termination of his
employment.
Bl á thnaid Bergin's remuneration will be in line with the
shareholder approved remuneration policy. Further detail will be
disclosed on her appointment to the Board in March 2023.
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END
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