Wrap Text
Senior Management Changes
SABMiller plc
JSEALPHA CODE: SAB
ISIN CODE: SOSAB
ISIN CODE: GB0004835483
Senior Management Changes
SABMiller plc’s Chief Financial Officer, Jamie Wilson, has tendered his resignation for personal reasons. He
steps down from the Board with immediate effect and will leave the Group on 31 March 2015, at the end of
the current financial year.
Domenic De Lorenzo, currently Director of Group Strategy and a member of the Group’s executive
committee, will become acting Chief Financial Officer with immediate effect, reporting to Chief Executive,
Alan Clark. The Group has initiated a search to appoint a permanent replacement.
Alan Clark, Chief Executive, said:
“I am saddened by Jamie’s departure. He has been a huge support to me over many years, first in Europe
and then over the past several years as CFO. His contributions to the development of our strategy, the
delivery of our business capability programme, the building of our new business efficiency programme, and
the strengthening of the finance functions will be a lasting legacy. He leaves the group in sound financial
health, and we all wish him every success in the future.”
Domenic De Lorenzo assumed responsibility last year for group strategy alongside his previous
responsibilities as Director of Corporate Finance and Development. He is a chartered accountant by training,
and has been closely involved in the Group’s finance strategy since his appointment to the executive
committee in 2011. He is a 19-year veteran of the group, having originally joined in South Africa in 1996.
Ends
The following statement is made pursuant to section 430(2B) of the Companies Act 2006
Jamie Wilson resigned as Chief Financial Officer and as an executive director of SABMiller plc with effect
from 18 February 2015. The following arrangements will apply in respect of Mr Wilson's employment and
remuneration:
1) Mr Wilson will remain an employee of SABMiller plc until 31 March 2015 when his employment will
terminate. He will be on gardening leave from 18 February 2015 until 31 March 2015, during which
period he will assist the Company with an orderly transition and handover of responsibilities, and will
continue to receive his base salary and contractual benefits in full.
2) On ceasing to be employed by SABMiller plc, Mr Wilson will be entitled to receive:
a) a short term incentive bonus in respect of the year ended 31 March 2015, which will be calculated
and paid in the normal way in late May 2015, by reference to group financial performance targets
and the remuneration committee’s assessment of the extent to which Mr Wilson has met his
personal and strategic goals during the year;
b) a payment of £762,200 representing his base pay in lieu of notice for his contractual notice period of
12 months, subject to mitigation and to his not taking up employment during this period without the
consent of the Chief Executive of SABMiller plc;
c) a payment of £17,150 representing his car allowance for his contractual notice period of 12 months,
and a benefit in kind not expected to exceed £5,000 in value representing the provision of private
medical and dental insurance for the same period;
d) a payment equal to 30% of his base salary in lieu of pension contributions to a registered
occupational pension scheme; and
e) SABMiller will also pay legal expenses in connection with the loss of office arrangements of not more
than £4,000 plus VAT,
in each case less income tax and national insurance contributions where applicable.
3) The following treatment will apply to Mr Wilson’s long term share incentive awards in accordance with
the rules of the SABMiller Executive Share Option Plan 2008 and the SABMiller Executive Share Award
Plan 2008 and the terms of the awards:
a) all of his unvested executive share options will lapse in full;
b) all of his unvested performance share awards will lapse in full;
c) all of his unvested value share awards will lapse in full; and
d) 35,726 ordinary shares in SABMiller plc which are currently held in the SABMiller Employees Benefit
Trust (whose release was deferred in June 2014 and which were due to be released in two further
equal tranches on 1 June 2015 and 1 June 2016) will be forfeited.
Stephen Shapiro
Group Company Secretary
19 February 2015
Notes to editors
Domenic De Lorenzo is the Director of Group Strategy and has been a member of the Group’s executive
committee since 2011, with responsibility for corporate strategy and development, and mergers and
acquisitions. He is a Chartered Accountant (SA), completing his articles at Arthur Young, and joined
SABMiller's corporate finance team in 1996 from UAL Investment Bank in South Africa. During his career
with SABMiller, he has been involved in many of its key transactions, including Pilsner Urquell, Miller
Brewing Company, Peroni, Bavaria and Grolsch, and the formation of the MillerCoors joint venture.
SABMiller plc
SABMiller plc is in the beer and soft drinks business. We are the world's second largest brewing company
and one of the world's largest Coca-Cola bottlers. We also produce a portfolio of our own soft drinks brands.
We are a FTSE-20 company, with shares trading on the London Stock Exchange, and we have a secondary
listing on the Johannesburg stock exchange. We operate in more than 80 countries with around 70,000
employees.
The group's brand portfolio includes leading local brands such as Aguila (Colombia), Castle (South Africa),
Miller Lite (USA), Snow (China), Victoria Bitter (Australia) and Tyskie (Poland) as well as global brands such
as Pilsner Urquell, Peroni Nastro Azzurro, Miller Genuine Draft and Grolsch. Every minute of every day,
more than 140,000 bottles of SABMiller beer are sold.
In the year ended 31 March 2014, the group sold 318 million hectolitres of lager, soft drinks and other
alcoholic beverages, generating group net producer revenue of US$26,719 million and EBITA of US$6,453
million.
This announcement is available on the company website: www.sabmiller.com
Further information is also available on:
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www.twitter.com/sabmiller
www.youtube.com/sabmiller
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Enquiries
SABMiller plc
t: +44 20 7659 0100
John Davidson
General Counsel and Corporate Affairs Director
SABMiller plc
t: +44 20 7659 0127
Christina Mills
Director, Group Communications and Reputation
SABMiller plc
T: +44 7825 275 605
Richard Farnsworth
Business Media Relations Manager
SABMiller plc
t: +44 7734 776 317
Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
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