15 October 2018

Leadership change

Spotless Group Holdings Limited (Spotless) announced today that Dana Nelson, Chief Executive Officer and Managing Director of Spotless, would step down from that role effective from 16 October 2018.

The Chairman of Spotless, John Humphrey, said Ms Nelson joined Spotless in 2010, became Chief Operating Officer in 2015 and was appointed Chief Executive Officer in August 2017 following Downer EDI Limited's (Downer) takeover of Spotless.

"Dana has helped to drive the successful integration of Spotless with Downer over the past year and, on behalf of the Spotless Board, I thank Dana for her valuable contribution to Spotless over the past eight years and wish her all the best for the future," Mr Humphrey said.

Dana will work with Spotless over the next six months on integration and transition.

Mr Humphrey said he was pleased to announce that Peter Tompkins, currently Downer Group General Counsel and Company Secretary, had been appointed to replace Ms Nelson as Chief Executive Officer and Managing Director of Spotless.

"Peter has been a member of the Downer Executive Committee since 2011 and for the past year he has led the Downer-Spotless team addressing the various operational and commercial issues at the new Royal Adelaide Hospital," Mr Humphrey said.

"Peter has an extensive range of skills that has made him a highly valued member of the senior executive team at Downer. He has considerable operational experience and we are confident he will drive high levels of customer service and performance at Spotless."

A summary of the key terms of Mr Tompkins' appointment as CEO is attached.

Enquiries

Investors and analysts: Media:

Michael Sharp +61 439 470 145

Leanne Gough +61 409 869 154

Summary of key terms of appointment of CEO

The key terms of Mr Peter Tompkins' employment arrangements are summarised below.

Term

Mr Tompkins' employment as CEO and appointment as Managing Director commences on 16 October 2018. The appointment will continue until terminated in accordance with his employment agreement.

Remuneration package

Mr Tompkins will be provided with the following components of remuneration (gross, per annum):

  • Total fixed annual remuneration (FAR) of A$1,000,000.

  • Variable annual remuneration comprised of:

    • o Short term incentive (STI) that provides a target of 56.25% of FAR (A$562,500) and up to a maximum of 75% of FAR (A$750,000). The STI is subject to a deferral arrangement under which 50% vests on award, 25% is paid at the conclusion of 12 months and a further 25% is paid at the conclusion of 24 months if Mr Tompkins is still employed by Spotless.

    • o Long term incentive (LTI) opportunity of 50% of FAR (A$500,000).

Termination conditions

Mr Tompkins' employment may be terminated in the following circumstances:

  • Spotless may terminate Mr Tompkins' employment by giving 6 months' notice of termination.

  • Mr Tompkins may terminate his employment by giving 6 months' notice of termination.

  • Spotless may dismiss Mr Tompkins without notice for serious or wilful misconduct including for committing any serious or persistent breach of his employment contract, which, alone or together, has a material adverse effect on the performance by Mr Tompkins of his role or the effectiveness of Mr Tompkins in his role.

Other provisions

The employment agreement contains appropriate restraint provisions as well as other provisions of the type that would be expected in an agreement of this type, including in relation to confidential information and intellectual property.

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Disclaimer

Spotless Group Holdings Limited published this content on 15 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 15 October 2018 06:57:05 UTC