Tom Singer - Arrangements on Resignation

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Mr Tom Singer will step down from the Board and his role as Group Chief Financial Officer on 1 January 2014. 

Compensation for loss of office

In line with his contractual agreement and the Remuneration Committee’s policy on termination of employment, Mr Singer will not be paid any salary or benefits (or compensation in lieu) in respect of the period after 1 January 2014, or receive any compensation for loss of office.

Annual Performance Plan (APP) 

The Remuneration Committee has determined that, as Mr Singer will have been in post for the whole of the 2013 performance period, he will receive the cash portion of his 2013 APP award based on his contribution to the achievement of performance conditions for the completed 2013 performance period. The value of this payment will be confirmed in February 2014 once the results of the performance measures have been audited and verified. For a target level of performance his award would be £316,710.  In accordance with the rules of the APP, Mr Singer will not receive the deferred share award portion of the 2013 APP award, which would otherwise have had a value upon grant equal to the cash portion. 

The Remuneration Committee used its discretion to determine that Mr Singer will also receive a proportion of the value of the deferred share award relating to the 2012 APP, which will be pro-rated to reflect his service from the date of grant of such award to the effective date of leaving employment. This will be in the form of a cash payment of £93,892. 

Long-Term Incentive Plan (LTIP) 

The Remuneration Committee has determined that the 2011-2013 LTIP award will vest without pro-ration in line with the terms of the plan rules, as the performance period for this award will be completed by Mr Singer’s departure date. This award will be released on the normal vesting date and only to the extent the performance conditions are fulfilled. This LTIP award will remain subject to clawback provisions which apply to all award holders under the terms of the LTIP until the vesting date.

The Remuneration Committee has also determined that the 2012-2014 LTIP award will vest in line with the terms of the plan rules on a pro-rated basis for the proportion of the performance period in which Mr Singer remained in employment. This award will be released on the normal vesting date and only to the extent the performance conditions are fulfilled. This LTIP award will remain subject to clawback provisions, which apply to all award holders under the terms of the LTIP until the vesting date. 

The 2013-2015 LTIP award will lapse when Mr Singer ceases to be employed. 

 

Plan Date of Award Original Award (number of shares) Illustrative Share Price* Estimated value at vesting (subject to performance conditions)** Vesting date
2011 – 2013 LTIP 27 September 2011 78,696

£18.85

£741,710

19 February 2014

2012 – 2014 LTIP 5 April 2012 51,789

£18.85

£488,111

18 February 2015

* Closing share price at 4 December 2014.
** Outstanding LTIP awards remain subject to performance conditions. The estimated value assumes 50% vesting for both awards. 


Career Support and legal fees

The Company will, on the production of a valid invoice, pay a reasonable sum in respect of professional fees for (a) future career guidance services provided to Mr Singer; and (b) legal advice on recording the above arrangements.


For further information please contact:

Investor Relations

Catherine Dolton, Isabel Green

+44 (0)1895 512216

Media Relations

Yasmin Diamond, Zoe Bird

+44 (0) 1895 512008


Notes to Editors:

IHG (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global organisation with a broad portfolio of nine hotel brands, including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites®, EVEN™ Hotels and HUALUXE™ Hotels & Resorts.

IHG manages IHG® Rewards Club, the world’s first and largest hotel loyalty programme with over 76 million members worldwide. The programme was relaunched in July 2013, offering enhanced benefits for members including free internet for Elites across all hotels, globally.

IHG franchises, leases, manages or owns over 4,600 hotels and 679,000 guest rooms in nearly 100 countries and territories. With more than 1,000 hotels in its development pipeline, IHG expects to recruit around 90,000 people into additional roles across its estate over the next few years.

InterContinental Hotels Group PLC is the Group’s holding company and is incorporated in Great Britain and registered in England and Wales.

Visit www.ihg.com for hotel information and reservations and www.ihgrewardsclub.com for more on IHG Rewards Club. For our latest news, visit: www.ihg.com/mediawww.twitter.com/ihg, www.facebook.com/ihg or www.youtube.com/ihgplc.

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