Mothercare plc

Directorate Change

Appointment of CFO

Mothercare plc, the leading global retailer for parents and young children, is pleased to announce the appointment of Richard Smothers as its Chief Financial Officer and Executive Director.  Richard will join Mothercare on 23 March 2015.

Richard is currently Director of Group Finance at Rexam plc, a position that he has held since 2011.  Prior to this role, he  spent 14 years at Tesco plc in a number of senior finance roles, including Finance Director (Asia), CFO Tesco Lotus (in Thailand) and Finance Director for UK Operations, having previously held various positions at Cargill. Richard is also a member of the Finance Committee, University College London.

Matt Smith, current Chief Financial Officer, Mothercare plc, will be leaving the Company on 20 January 2015.

Commenting on the appointment, Mark Newton-Jones, CEO, said "I am delighted that Richard is joining Mothercare as its Chief Financial Officer.  Richard has a wealth of experience having worked for multi-billion pound global businesses and his financial and commercial expertise will be extremely valuable as we implement our strategy to transform and modernise our business."

Alan Parker, CBE, Chairman said "I am extremely pleased that we have found someone with the skills and leadership qualities to work with Mark and the other members of the executive management team in delivering the Company's strategy.  Richard will be a great asset to the Board and the Executive Committee, and I look forward to working together."

Richard Smothers, said "I am excited to be joining Mothercare plc at this pivotal time in its turnaround, and look forward to working closely with Mark, the Executive Committee and the Board of the Company."

No further information is required to be disclosed in respect of Richard Smothers pursuant to Listing Rule 9.6.13R (1) to (6).

ENDS

For further information:
Investor & analyst enquiries to:
Ramona Tipnis, Director of Investor Relations at Mothercare plc  01923 206455

Media enquiries to:
Anna Harland, Director of Corporate Communications at Mothercare plc
Katharine Wynne, Tulchan Communications                    020 7353 4200

Mothercare plc is the leading global retailer for parents and young children, operating across 60 countries, with 1,300 stores worldwide. The Group is comprised of two iconic retail brands; Mothercare and Early Learning Centre. The Group aims to be a digitally led business supported by a modern retail estate, offering style, quality and innovation in its products and great service to its customers worldwide.

Remuneration

On appointment, Richard Smothers will receive a basic annual salary of £340,000 and standard benefits consistent with the Company's Remuneration Policy approved by shareholders at its AGM in July 2014.  Richard will be entitled to participate in the Company's short and long term incentive plans (as approved by shareholders), and in his first year the Company will make a grant of shares equivalent to 200% of basic annual salary, and thereafter at 175%.

As compensation for the loss of share awards on leaving his current employer, the Company will make a one-off restrictive share grant equivalent to £150,000, vesting   on the first anniversary of the commencement of his employment. 

Richard will be relocating closer to the Company's head office at Watford.  In order to facilitate this move, Richard is entitled to a relocation package of £50,000 gross.