RS Group – Appointment of Kate Ringrose as Chief Financial Officer
RS Group (RS) announces that Kate Ringrose has been appointed to the role of Chief Financial Officer (CFO) and Executive Director and will join RS and take up her role with effect from 2 October 2023.
Kate joins RS after a successful 18-year career at Centrica plc, a FTSE 100 company, most recently as Group CFO. Kate is a highly experienced CFO with a strong track record of successfully leading finance functions and was instrumental in the transformation of Centrica into a resilient business with a strong balance sheet and clear growth strategy. Kate is a chartered accountant and trained with KPMG in South Africa.
Rona Fairhead, Chair, said: “Following a rigorous selection process, we are delighted to appoint Kate Ringrose as CFO of RS. We are pleased to have been able to attract a candidate of Kate’s calibre to the Board. She brings a wealth of experience that will be of significant benefit to the Group.”
Simon Pryce, Chief Executive Officer, said: “Kate will be a great addition to the executive team and I am looking forward to working with her to accelerate delivery of the exciting RS strategy. Kate has a proven track record as a FTSE 100 CFO, and experience in helping to lead high performance organisations that improve business resilience, drive operational excellence and deliver accelerated strategic growth.”
Kate Ringrose said: “I am looking forward to joining RS at this exciting stage in the Group’s development. RS has a significant opportunity to take share in large, fragmented markets, and I am very much looking forward to working with Simon and the team to accelerate realisation of the growth strategy. I have been impressed by the enthusiasm and ambition within the business and look forward to playing my part in its continued success.”
There are no other matters to be disclosed under listing rule 9.6.13R in relation to Kate’s appointment.
Notes:
1.Remuneration Arrangements
Kate Ringrose’s remuneration arrangements have been set in accordance with the Directors’ Remuneration Policy approved by shareholders at the AGM on 14 July 2022.Key elements of the package are as follows:
- Basic salary: £500,000 per annum.
- Pension: contribution of 10.5% of salary.
- Annual bonus: a maximum bonus opportunity of 150% of basic salary, pro-rated for 2023/24 from Kate’s start date.
- Long Term Incentive Plan: an annual award of up to 250% of basic salary, with the 2023 award to be granted as soon as practicable post joining.
Other benefits will be in accordance with the Directors’ Remuneration Policy
Kate will also receive replacement share awards to reflect the forfeiture of equity awards from her previous employment. These replacement awards will remain subject to performance conditions where appropriate and will mirror the vesting and release schedule of forfeited awards.
Further details will be set out in the Directors’ Remuneration Report for 2023/24.
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More information on RS Group plc: https://www.rsgroup.com/ + Founded in 1937, we are a global omni-channel provider of product and service solutions for designers, builders and maintainers of industrial equipment and operations.
RS Group plc (formerly Electrocomponents plc) provides product and service solutions that help our customers design, build, maintain, repair and operate industrial equipment and operations, safely and sustainably. We stock more than 750,000 industrial and electronic products, sourced from over 2,500 leading suppliers, and provide a wide range of product and service solutions to 1.1 million customers.
We support customers across the product lifecycle, whether via innovation and technical support at the design phase, improving time to market and productivity at the build phase, or reducing purchasing costs and optimising inventory in the maintenance, repair and operation phase. We offer our customers tailored product and service propositions that are essential for the successful operation of their businesses and help them save time and money.
RS Group plc is listed on the London Stock Exchange with stock ticker RS1 and in the year ended 31 March 2023 reported revenue of £2,982 million.
We operate under nine brands; RS, Allied Electronics & Automation, RS PRO, OKdo, IESA, DesignSpark, Synovos, Needlers and Liscombe.
More information on Baroness Rona Fairhead (Chairman, RS Group plc): See the full profile on EMR Executive Services
More information on Simon Pryce (CEO, RS Group plc): See the full profile on EMR Executive Services
More information on Jane Titchener (Interim Chief Financial Officer, RS Group plc): See the full profile on EMR Executive Services
More information on Kate Ringrose (Chief Financial Officer, RS Group plc as from 2 October 2023): See the full profile on EMR Executive Services
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Centrica Energy Trading A/S, part of Centrica’s Energy Marketing and Trading business unit is the trading and optimisation arm of Centrica plc. We are a leading provider of energy management and optimisation services to businesses, in addition to managing commodity risk and providing wholesale market access for the Centrica Group. We have 16.5GW of capacity under contract in Europe, more than 85% of which is renewable assets.
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