Companies Act 2006 Statement
Section 430(2B) Companies Act 2006 Statement
The following information is provided in accordance with section 430(2B) of the Companies Act 2006.
On 3 November 2021, Pets at Home Group plc (“Company”) announced that after 11 years with the business, Peter Pritchard, Group Chief Executive Officer, had notified the Board of his intention to step down. Lyssa McGowan was appointed as CEO Designate on 25 April 2022 and Peter remained with the business (and on the board of directors) until 31 May 2022 (the "Termination Date") to ensure a seamless transition.
Peter’s salary, pension and contractual benefits continued to be paid as normal until the Termination Date. Peter was entitled to receive his FY22 bonus, being £845,632.70 in total (“Total Bonus”), which was paid to him on or around 23 June 2022. The Total Bonus was paid to Peter by way of £563,755.13 in cash and £281,877.57 as deferred shares under the Company’s deferred share bonus plan. Peter will not be eligible for any bonus for FY23.
The final 25% tranche of Peter’s 2017 RSP award will vest on 25 July 2022 and the final 25% tranche of his 2018 RSP award will vest on 23 May 2023. Peter’s 2019 RSP award will be treated in line with the agreed leaver provisions. 50% of the 2019 RSP vested in full on the original vesting date on 30 May 2022, however the 25% due to vest in 2023 and 2024 both lapsed in full. Peter’s 2020 and 2021 RSP awards have also lapsed in full following his departure from the business. Peter will not receive an RSP award in 2022.
In line with the group’s remuneration policy, Peter is required to comply with a post cessation shareholding requirement of 200% of salary for one year and 100% for two years. As noted in the group’s Annual Report for FY22, Peter held 1,582,601 shares outright on 31 March 2022.
Other than the above, no other remuneration payment or payment for loss of office has been, or will be, paid to Peter following the Termination Date.
6 July 2022