APPOINTMENT OF CHIEF EXECUTIVE OFFICER
Appointment of Ben Loomes as new CEO
John Laing Group plc ("John Laing" or the "Company") today announces the appointment of Ben Loomes as Chief Executive Officer ("CEO") with effect from 8 May 2020. Following the announcement of his departure on 23 January 2020, Olivier Brousse will step down as CEO of the Company on 7 May 2020.
Ben has c.20 years of experience in the infrastructure sector. He was previously Managing Partner and Head of Infrastructure at InfraRed Capital Partners, a global infrastructure investment business focused principally on greenfield and operational PPP projects. Prior to this, Ben was Managing Partner of 3i Group plc's infrastructure business and a member of the 3i Group Executive Committee.
Will Samuel, John Laing Chairman, commented:
"I am delighted to announce we have appointed Ben as our new CEO. He brings strong leadership and business development capabilities, as well as a solid investment track record and extensive experience in the infrastructure sector. The Board has conducted a thorough search process to find the best candidate and we are delighted to have attracted someone of Ben's calibre to lead the Company. We look forward to working with Ben to further develop and grow John Laing."
"On behalf of the Board, I would like to express our sincere thanks to Olivier for his valuable contribution to John Laing and he leaves with our very best wishes for the future. Olivier was instrumental in delivering the successful IPO of the Company, evolving the Group's geographical footprint and diversifying its investment portfolio. He has built a successful and scalable platform that leaves John Laing well positioned for future growth."
Ben Loomes said: "I am delighted to be joining John Laing. The Company has a strong heritage, successful business model and a resilient portfolio of investments. I am looking forward to leading the business through the next phase of its development as it seeks to invest responsibly in infrastructure projects around the world. I have known John Laing and its team for many years, both as a partner and as a competitor, and I am excited about joining the business to help build further on its success."
Ben Loomes' biography
Ben has c.20 years of experience in the infrastructure sector across investing, fund management, fundraising and corporate finance.
Ben joined InfraRed Capital Partners in 2017 as Head of Infrastructure and was Managing Partner until 2019. At InfraRed, Ben was responsible for managing a global infrastructure investment business with over US$9 billion of assets under management, largely in greenfield and operational PPP and renewable energy projects. This included responsibility for managing investments and teams in Europe, North America, Latin America and Australia.
Prior to this, Ben spent five years at 3i Group plc where he was Managing Partner of 3i Group plc's Infrastructure business and previously Group Strategy Director. Ben was also a member 3i Group plc's Executive Committee and its Investment Committees for Infrastructure, Private Equity and Debt Management. During his time, 3i's Infrastructure business managed around £2 billion of investments across the transport, energy, utilities, telecommunications and social infrastructure sectors. In his role as Managing Partner of Infrastructure, Ben was responsible for the management, origination activities and strategic development of 3i's Infrastructure business and led the relationship with the Board of 3i Infrastructure plc, a FTSE 250 company.
Ben began his career at Goldman Sachs in the Energy & Power investment banking team.
Ben holds Bachelor's and Master's degrees in Natural Sciences from Cambridge University. Ben completed the Advanced Management Program at Harvard Business School.
Ben Loomes' service contract, remuneration and benefits on appointment will be consistent with John Laing's Directors' Remuneration Policy approved by shareholders at the Annual General Meeting held on 9 May 2019. A summary of the key terms is provided here:
His basic salary will be £531,000. He will participate in the Annual Bonus Scheme for Executive Directors with a maximum bonus opportunity of 150% of basic salary. The bonus will be pro-rated to reflect actual service during the year. Bonus targets and parameters are set each year by the Remuneration Committee. In addition, he will receive an LTIP award of 175% of salary under the Company's Long-Term Incentive Plan in the grant window that follows his date of joining in accordance with the terms of the Company's Remuneration Policy.
A pension allowance of 8% of basic salary will be provided. He will also receive private medical and dental insurance, permanent health insurance and life assurance.
There are no other matters relating to Ben Loomes which would require disclosure under Listing Rules 9.6.13R.