Intermediate Capital Group plc ("ICG" or the "Company")
23 March 2017
CHIEF EXECUTIVE OFFICER CHANGE
Intermediate Capital Group, the specialist asset manager, announces that after 23 years with the Company Christophe Evain, Chief Executive Officer and Chief Investment Officer, has decided to step down from his responsibilities at the Company's Annual General Meeting on 25 July 2017. The Board has appointed Benoit Durteste to replace Christophe Evain as Chief Executive Officer and Chief Investment Officer, with effect from that date and subject to his re-election as a Director at the AGM.
Benoit Durteste joined ICG's European team in 2002, becoming an Executive Director and member of the Executive Committee in 2012. Benoit is currently Head of European Investments directly overseeing a number of the group's largest strategies, and is a member of all ICG's key Investment Committees worldwide. Benoit is a leading fund manager and, since joining the Executive Committee, has been closely involved in setting and delivering the Group's strategy, including leading the Group's global expansion into the secondaries asset class.
The Nominations Committee of the Board has kept executive succession under regular review and recently engaged an external search firm to complement its work. After benchmarking a number of external candidates, the Committee concluded that Benoit Durteste's extensive investment and fundraising experience, deep knowledge of the Company and its operations, and commitment to increasing shareholder value through the delivery of the Group's strategic objectives made him the outstanding candidate to be appointed Chief Executive Officer and Chief Investment Officer.
Kevin Parry, Chairman of ICG, said:
"On behalf of the Board and management team of ICG, I would like to thank Christophe for his outstanding contribution to the Company over the last 23 years, the last seven of which have been as Chief Executive Officer. During his tenure as Chief Executive, the Company has successfully transitioned from an investment company to a fund management company supported by ICG's balance sheet.
"Whilst it is always disappointing when a successful Chief Executive Officer wishes to step down from his executive responsibilities, I am delighted that Benoit Durteste will succeed Christophe from July. This ensures a continuity of management at a time when market conditions are favouring alternative asset managers. Together with my Board colleagues, I look forward to continuing to work with Benoit to deliver further strategic developments and shareholder value."
Christophe Evain said:
"I am proud of what we have achieved to date at ICG, delivering strong profitable growth and transitioning our business model from being primarily an investment company to a leading specialist asset manager. In so doing we have generated substantial shareholder value. After 23 years at ICG, my decision to retire has not been an easy one to make; however, I leave the Company in capable hands with Benoit and the rest of the management team. I wish Benoit, the rest of the Board and the whole ICG team every success for the future."
Benoit Durteste said:
"It is an honour to have been asked to succeed Christophe as Chief Executive Officer and Chief Investment Officer of the Company. Since joining ICG, I have found Christophe's experience and advice, coupled with his commitment to the success of the business, invaluable. The Company is well positioned to take advantage of the opportunities that the current market conditions present and I look forward to working with the Board and the wider management team to deliver our strategy. Finally, on behalf of everyone at ICG, I wish Christophe all the best for the future."
This statement contains information which, prior to this announcement was insider information.
Enquiries
Analyst / Investor enquiries: |
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Kevin Parry, Chairman, ICG |
+44(0) 20 3201 7979 |
Ian Stanlake, Investor Relations, ICG |
+44 (0) 20 3201 7880 |
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Media enquiries: |
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Neil Bennett, Tom Eckersley, Maitland |
+44 (0) 20 7379 5151 |
About ICG
ICG is a specialist asset manager with over 28 years' history in private debt, credit and equity. Our objective is to generate income and consistently high returns whilst protecting against investment downside. We seek to achieve this through our expertise in investing across the capital structure. We combine flexible capital solutions, local access and insight with an entrepreneurial approach to give us a competitive edge in our markets. We are committed to innovation and pioneering new strategies where we can deliver value to our investors. ICG has €22.6bn of assets under management globally (as at 31 December 2016); we are listed on the London Stock Exchange (ticker symbol: ICP), and regulated in the UK by the Financial Conduct Authority (FCA). Intermediate Capital Group, Inc. is a wholly-owned subsidiary of ICG and is registered as an investment adviser under the U.S. Investment Advisers Act of 1940. Further information is available at: www.icgam.com.
