The Chairman of Ingham’s, Peter Bush, today announced that its Chief Executive Officer Jim Leighton would be leaving the role effective today and returning to the United States. Andrew Reeves, currently a non-executive director, will be appointed Chief Executive Officer and Managing Director.
Peter Bush said “Jim leaves as a good leaver and with our very best wishes. He is returning to the United States for personal reasons. Jim joined us in 2018 and, as our recently released 1H results demonstrate, he and his team have significantly improved the operations of our company. The board and I thank Jim and his family for managing the many challenges they have faced since Jim’s arrival over two years ago. Jim and his team have built a solid foundation for growth. We wish Jim and his family all the best.”
“Ingham’s is fortunate to have someone of Andrew Reeves experience and calibre on our board and in a position to become our Chief Executive Officer. His great knowledge of Ingham’s will ensure a smooth transition and no loss of momentum in the business.”
“Andrew is an experienced consumer goods executive in the food and beverage sector who has served as CEO and Managing Director of the Australian and New Zealand subsidiaries of large listed Australian and multinational companies. Andrew’s most recent executive role was as CEO of George Weston Foods in Australia and New Zealand (a subsidiary of Associated British Goods PLC), a role he held between 2011 and 2016. He has also held senior roles as Managing Director, Lion Dairy & Drinks (formerly National Foods Limited), Managing Director Lion Nathan – Australia, and Managing Director – Australia Coca-Cola Amatil. Andrew has also served as Chair and Deputy Chair of the Australian Food & Grocery Council” Peter Bush said.
Andrew Reeve’s professional experience and the terms of his appointment are set out in the ASX Release announcement.
Jim Leighton will remain with the company until the end of the financial year to facilitate an orderly handover. Jim’s entitlements on ceasing employment with Ingham’s are as previously advised to the market. Jim will remain eligible to receive a short-term incentive (STI) for FY21, in line with Ingham’s usual STI arrangements. Jim will also be eligible to receive a partial long-term incentive (LTI) award for FY20.
Recognising shareholder feedback on proposed changes to Ingham’s LTI arrangements during 2020, the partial FY20 LTI provided to Jim will be granted on the terms originally approved by Ingham’s shareholders at the company’s 2019 AGM. However, the LTI award for FY20 will only relate to the total shareholder return (TSR) component of the original proposed award (being 25% of its original face value) and will also be pro rated on cessation of Jim’s employment (based on the portion of the performance period served). The award will be subject to testing at the end of the performance period, in June 2022. Jim will not be eligible to receive an LTI award for FY21.
The Board is conducting a search for an independent director to replace Andrew on the Board.
This announcement has been authorised by the Inghams Group Limited Board.