Smith & Nephew plc (LSE: SN, NYSE: SNN), the global medical technology business, today announces the appointment of Roberto Quarta as Non-Executive Director and Chairman Elect. He will join the Board on 4 December 2013 and will offer himself for re-election at the Company’s Annual General Meeting to be held on 10 April 2014. Subject to his re-election, he will be appointed Chairman to succeed Sir John Buchanan, who joined the Board in 2005 and has been Chairman since 2006, and who will retire from the Board at the same time.
Roberto is Chairman of IMI plc, a FTSE 100 listed engineering business, Chairman of Rexel SA, a global leader in the professional distribution of products and services for the energy world, and Chairman of Clayton, Dubilier & Rice Europe, a private equity firm. He is also a Non-Executive Director of Foster Wheeler AG, the engineering conglomerate headquartered in Switzerland. Previously, he was Chief Executive and then Chairman of BBA Group plc and a Non-Executive Director at BAE Systems plc, Equant NV and PowerGen plc.
Olivier Bohuon, Chief Executive Officer of Smith & Nephew, commented:
“We are delighted that Roberto Quarta has agreed to join the Board of Smith & Nephew as Non-Executive Director and Chairman Elect. He brings exceptional board experience gained in both the UK and internationally, which will be of great value as we implement our strategic priorities to take advantage of the differing opportunities in our established and emerging markets.
“I wish to thank Sir John Buchanan for his leadership, counsel and dedication over the past nine years. As Chairman he has overseen a number of significant changes and has given me tremendous support in my role as Chief Executive. John will be a hard act to follow, but we are confident that in Roberto we have found another excellent chairman.”
Roberto Quarta commented:
“It is an honour to be joining the Board of Smith & Nephew. I look forward to working alongside Sir John during the coming months to ensure a seamless handover and to supporting Olivier and the team as they deliver their ambitious plans to reshape Smith & Nephew.”
Sir John Buchanan said:
“It has been a privilege working with the people at Smith & Nephew. The Company has shown great resilience in the recent economic environment, building both services for customers and value for shareholders. There is an excellent team in place and I wish the Company well for a promising future."
No disclosure obligations arise under paragraphs (1) to (6) of LR 9.6.13 R of the UK Listing Authority’s Listing Rules in respect of this appointment.
Full details of Mr Quarta’s remuneration arrangements will be given in the Directors’ Remuneration Report 2014. In summary, on appointment he will receive a fee of £63,000 per year (and a travel fee of £3,500 when required to travel intercontinentally) in-line with other UK based Non–Executive Directors. On assuming the role of Chairman, he will receive a fee of £400,000 per annum, of which £100,000 will be paid in the form of shares in August each year and £300,000 will be paid in cash. This amount will remain fixed for a period of two years.
Enquiries
Investors
Phil Cowdy
Smith & Nephew
Tel: +44 (0) 20 7401 7646
Media
Charles Reynolds
Smith & Nephew
Tel: +44 (0) 20 7401 7646
Justine McIlroy / Andrew Mitchell
Brunswick – London
Tel: +44 (0) 20 7404 5959
About Smith & Nephew
Smith & Nephew is a global medical technology business dedicated to helping improve people's lives. With leadership positions in Orthopaedic Reconstruction, Advanced Wound Management, Sports Medicine and Trauma and Extremities, Smith & Nephew has almost 11,000 employees and a presence in more than 90 countries. Annual sales in 2012 were more than $4.1 billion. Smith & Nephew is a member of the FTSE 100 (LSE: SN, NYSE: SNN).
Forward-looking Statements
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