WICKES GROUP PLC: Directorate Change

WICKES GROUP PLC (WIX)

Directorate Change - Chief Financial Officer

Wickes Group plc (the 'Company' or 'Wickes') today announces the appointment of Mark George as Chief Financial Officer.  Mark will join the business with a start date no later than 20 July 2022, replacing Julie Wirth, who has announced her intention to retire from a full-time executive role following her significant contribution to the successful transition of Wickes from a subsidiary business to a stand-alone listed entity.  Julie has agreed to stay on in her role as Chief Financial Officer until 20 July 2022 to ensure a seamless and orderly transition.

Mark George has been Chief Financial Officer at The Gym Group PLC since 2018. Before that Mark was at Auto Trader PLC, where he was Deputy CFO and he previously held several senior roles in finance, strategy and general management at a number of leading consumer businesses including Tesco and Asos.

David Wood, Chief Executive Officer commented: "Julie has played a pivotal role in the successful demerger and listing of the Company and it is with great sadness that we will see her leave. The Board and I would like to thank Julie for her outstanding contribution and we wish her great success in whatever she chooses to do next."

"I am delighted that Mark is joining us. He has a strong track record in a listed company environment and brings extensive financial leadership, strategy and investor experience combined with a passion for the customer. This will be invaluable to the next stage of our journey."

Julie Wirth commented, "It has been a privilege to support Wickes through an exciting period of transition; a business with a fantastic culture which is well positioned for future growth. The time is now right for me to step down from a full-time PLC role to pursue other interests and opportunities, and I wish both the Company and all my colleagues the very best for the future."

Mark George commented, "Wickes is a great business with a strong brand and an inspiring purpose. I am delighted to be joining at this exciting time for the Company and look forward to working with the team to deliver the growth strategy."

Christopher Rogers, Chairman commented, "On behalf of the Board, I am delighted to welcome Mark to Wickes. His expertise and experience will be crucial as we continue to grow the business.  I would also like to express the Board's sincere thanks to Julie for her commitment, professionalism and dedication to Wickes during her tenure and wish her all the best for the future."

No further information is required to be disclosed pursuant to paragraph 9.6.13 of the Listing Rules in respect of Mark George.

Notes

New Chief Financial Officer remuneration arrangements

1.  Mark George will be appointed on an annual base salary of £375,000. This salary level reflects Mark's prior experience as CFO of a listed business, the skills and expertise he will bring to the business, and the challenging external market for this role.

2.  The incentive arrangements will be in line with the existing remuneration policy. The maximum annual bonus will be 120% of salary and the LTIP will be 150% of salary.

3.  Benefits will be provided in line with the existing policy.

4.  Pension payments will be 10%, in line with the workforce.

The Remuneration Committee has agreed to buy-out some of The Gym Group incentive awards forfeited by Mark.  In doing so, the Committee has considered the performance conditions, time horizons and form of these forfeited awards and sought to replicate these on a like-for-like basis.  Full details will be set out in our next Directors' Remuneration Report.

Outgoing Chief Financial Officer remuneration arrangements

The Remuneration Committee has agreed the following remuneration arrangements for Julie, which reflect the terms of her contract of employment, Wickes' incentive plan rules and the information disclosed in the Wickes' listing prospectus. The Committee is comfortable that given Julie's performance to date, her agreement to remain in role to help ensure a smooth handover and her intention not to return to an equivalent role elsewhere, that the terms are fair and appropriate.

The Committee has determined that Julie will receive good leaver status only in respect of the incentives where the performance period is fully completed at the date of cessation and only to the extent that the associated performance conditions are met.  Full details can be found on our website www.wickesplc.co.uk and will also be set out in our next Directors' Remuneration Report.