Watches of Switzerland Group PLC
Watches of Switzerland Group PLC ("the Group" or "the Company") today announces the appointment of William "Bill" Floydd as Chief Financial Officer (CFO) of the Group. Bill will succeed Anders Romberg who has informed the Board of his intention to retire from the Group after seven years in the role.
The effective date of Bill's appointment as director and CFO will be announced in due course and Anders will remain with the Group as a director and CFO until then. He will leave the Group following a handover period.
Bill will join the Company from The Rank Group Plc, the FTSE 250 international gaming, leisure, and entertainment group, where he has held the role of CFO since November 2018. At Rank Bill has made a major contribution to its transformation and in the last 18 months has led several financing initiatives to ensure Rank has been able to weather the pandemic.
Prior to his role at Rank, Bill was CFO at FTSE 100 Experian Plc's UK and Ireland region for over five years where he contributed to strong revenue and EBIT growth while overseeing a range of M&A activity and Experian's FCA authorisation process. Before this, Bill spent 12 years in a variety of leadership positions at Logica Plc. Bill is a chartered accountant, having qualified with PwC.
Brian Duffy, CEO, said: "I am delighted to welcome Bill as our incoming CFO and look forward to working with him when he joins us. He brings a wealth of senior financial expertise and leadership qualities, and the Group will benefit greatly from his experience."
"On behalf of the Board, I would like to thank Anders for the significant contribution he has made to the business as our CFO since 2014, including to our successful IPO in 2019 and subsequent growth as a listed company. Personally I would like to add that Anders has been a strong partner to me and has played a key leadership role in the transformation of our business. Anders leaves the Group in a strong financial position and we wish him all the very best for the future."
Bill Floydd said: "I am delighted to be joining the Watches of Switzerland Group at such an exciting phase of its growth, and look forward to working closely with Brian, the Board and the wider team in continuing to deliver on the Group's strategy."
Anders Romberg, CFO, said: "I have greatly enjoyed being part of the Watches of Switzerland Group during a transformational period in the company's history. Working alongside Brian and the entire organisation through an investment-driven transformation period and a successful IPO two years ago has been a career highlight. I will leave behind an immensely capable and hard-working team which I have no doubt will continue to deliver on the Group's strategic priorities and long-range growth plan."
The Watches of Switzerland Group
Allegra Perry, Investor Relations +44 (0) 20 7317 4600
Lucy Legh / Rob Walker +44 (0) 20 3805 4822
· Bill Floydd's base salary will be £380,000 per annum and he will receive a cash pension allowance of 3% of base salary. His maximum annual bonus will be 125% of base salary and his maximum annual performance share plan award will be 175% of base salary which are within the limits set out in the Group's Directors' Remuneration Policy, approved by shareholders.
· Bill Floydd will be required to build up and maintain a minimum shareholding equal to 200% of base salary within five years of commencing his employment at the Group.
· In accordance with best practice both the bonus and LTIP contain malus and clawback provisions that will allow the Group to recover or withhold value in the event of certain defined circumstances.
· Bill Floydd will also receive awards in the Group's shares to compensate for the share awards he is forfeiting on leaving his previous employer. These will remain subject to performance conditions where appropriate and reflect the value of the forfeited awards. The vesting timeline of the replacement awards will be the same as those which apply to the forfeited awards. More details of the remuneration package and buyout arrangements will be provided in the Group's FY22 Remuneration Report.
· The Group confirms that there is no further information to be disclosed under the requirements of Listing Rule 9.6.13R.
About the Watches of Switzerland Group
The Watches of Switzerland Group is the UK's largest luxury watch retailer, operating in both the UK and US, comprising four prestigious brands; Watches of Switzerland (UK and US), Mappin & Webb (UK), Goldsmiths (UK) and Mayors (US), with a complementary jewellery offering.
As at 1 August 2021, the Watches of Switzerland Group has 153 stores across the UK and US (including 42 dedicated mono-brand stores in these two markets in partnership with Rolex, TAG Heuer, OMEGA, Breitling, Audemars Piguet, Tudor and FOPE) and has a leading presence in Heathrow Airport with representation in Terminals 2, 3, 4 and 5 as well as six transactional websites.
The Watches of Switzerland Group is proud to be the UK's largest retailer for Rolex, Cartier, OMEGA, TAG Heuer and Breitling watches.
Mappin & Webb holds Royal warrants as goldsmiths, silversmiths and jeweller to Her Majesty The Queen and silversmiths to His Royal Highness The Prince of Wales. The Mappin & Webb master jeweller has been Crown Jeweller, custodian of the Crown Jewels of Her Majesty The Queen since 2012.