Company Announcements

Angus Cockburn to retire as Serco CFO in April 2021; Nigel Crossley to be his successor. 

17 December 2020

Serco Group plc

LEI: 549300PT2CIHYN5GWJ21

Serco Group plc ('Serco' or 'the Group'), the international provider of services to governments, today announces that, having served 21 years as a public-company CFO, six of them at Serco, Angus Cockburn, Group Chief Financial Officer, has informed the Board of his wish to retire from full-time executive life, and focus on further developing his non-executive portfolio.

It has therefore been agreed that Angus will step down from the Board at the AGM in April 2021 and will be succeeded as Group Chief Financial Officer by Nigel Crossley, currently Group Director of Finance, who will join the Board on the same date.  Nigel has worked for Serco since 2014 and he has been at the centre of the transformation of Serco and supported Angus in restoring the reputation and financial stability of the Group. Prior to joining Serco, Nigel held senior finance roles at EMI, RHM plc and Procter & Gamble.

Sir Roy Gardner, Chairman, said: "Angus has played a leading role in the transformation of Serco from the dire straits in which it found itself in 2014, through to the point at which it now has one of the strongest balance sheets in the sector and is in excellent financial and operational health, with strong liquidity, fully funded pension schemes and robust finance controls and assurance.  He is hugely respected both inside and outside Serco, and we are all immensely grateful for his contribution, not the least of which has been developing an ideal successor in Nigel Crossley who we look forward to welcoming onto the Board in April."

Ends

For further information please contact:

Paul Checketts, Head of Investor Relations, tel: +44 (0) 7718 195 074 or email: paul.checketts@serco.com

Marcus De Ville, Head of Media Relations; tel +44 (0) 7738 898 550 or email: marcus.deville@serco.com

Notes: Executive Director Renumeration Disclosure

Angus Cockburn will work his contractual notice period which will run from December 2020 to December 2021.  He will step down as an Executive Director with effect from the AGM in April 2021 and will remain an employee of the Group receiving his normal annual basic salary and contractual benefits, paid monthly in arrears, until his notice period expires. He will not participate in the 2021 bonus or long-term incentive schemes, but as he will be retiring he will be a good leaver in respect of Serco's incentive schemes.

Nigel Crossley will be appointed CFO on a basic annual salary of £430,000, with 12 months' contractual notice. He will be eligible to participate in an annual bonus scheme which attracts a maximum of 140% of basic annual salary, and the long-term incentive plan of 150% of basic annual salary from April 2021.  His bonus earnings over 100% of his salary will be deferred into shares under the terms of the Serco Executive Bonus Deferral Plan.  He will receive a pension allowance in line with that of the wider workforce.

All necessary disclosures will be made in our 2021 Directors Renumeration Report (DRR).  In accordance with the Listing Rules, there are no additional matters that would require disclosure under LR 9.6.13 R (1) to (6) in relation to Nigel Crossley's appointment 

About Serco

Serco is a leading provider of public services. Our customers are governments or others operating in the public sector.  We gain scale, expertise and diversification by operating internationally across five sectors and four geographies: Defence, Justice & Immigration, Transport, Health and Citizen Services, delivered in UK & Europe, North America, Asia Pacific and the Middle East.

More information can be found at www.serco.com

Forward looking statements

This announcement contains statements which are, or may be deemed to be, "forward-looking statements" which are prospective in nature.  All statements other than statements of historical fact are forward-looking statements.  Generally, words such as "expect", "anticipate", "may", "could", "should", "will", "aspire", "aim", "plan", "target", "goal", "ambition", "intend" and similar expressions identify forward looking-statements.  By their nature, these forward-looking statements are subject to a number of known and unknown risks, uncertainties and contingencies, and actual results and events could differ materially from those currently being anticipated as reflected in such statements.  Factors which may cause future outcomes to differ from those foreseen or implied in forward-looking statements include, but are not limited to: general economic conditions and business conditions in Serco's markets; contracts awarded to Serco; customers' acceptance of Serco's products and services; operational problems; the actions of competitors, trading partners, creditors, rating agencies and others; the success or otherwise of partnering; changes in laws and governmental regulations; regulatory or legal actions, including the types of enforcement action pursued and the nature of remedies sought or imposed; the receipt of relevant third party and/or regulatory approvals; exchange rate fluctuations; the development and use of new technology; changes in public expectations and other changes to business conditions; wars and acts of terrorism; cyber-attacks; and pandemics, epidemics or natural disasters.  Many of these factors are beyond Serco's control or influence.  These forward-looking statements speak only as of the date of this announcement and have not been audited or otherwise independently verified.  Past performance should not be taken as an indication or guarantee of future results and no representation or warranty, express or implied, is made regarding future performance.  Except as required by any applicable law or regulation, Serco expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained in this announcement to reflect any change in Serco's expectations or any change in events, conditions or circumstances on which any such statement is based after the date of this announcement, or to keep current any other information contained in this announcement.  Accordingly, undue reliance should not be placed on the forward-looking statements.