GWA GROUP LIMITED. — Board/Management Information 2021

Jun 28, 2021

29 June 2021

Company Announcement

Appointment of Managing Director and Chief Executive Officer

GWA Group Limited (ASX: GWA) is pleased to announce that Acting Chief Executive Officer (CEO), Mr Urs Meyerhans has been appointed Managing Director and CEO of GWA with effect from 1 July 2021.

The appointment follows an executive search process with the assistance of Spencer Stuart.

“We are delighted to appoint an executive of Urs’ calibre and experience to the role,” said GWA Chairman, Darryl McDonough.

“Urs brings extensive international industry experience in fast moving consumer goods (FMCG), manufacturing, professional services, mining, engineering and construction in Australia, Europe, USA and Asia Pacific.

“The Board observed Urs in the role of Acting CEO since 1 March this year and has welcomed his commitment to openness, attention to detail and an unrelenting focus on the future of the business. Urs has demonstrated he possesses the skills, knowledge, aptitude, attitude and capability to lead the management team to deliver future success for GWA’s shareholders.”

Mr Meyerhans said he looked forward to further developing and implementing GWA’s sustainable water solutions strategy.

“GWA is well placed to leverage improving residential construction activity across our core markets.

“With market-leading brands and innovative products and solutions, GWA has a strong strategic platform and I am looking forward to working with the Board and management team to maximise this opportunity to deliver further growth and shareholder value,” he said.

Most recently Mr Meyerhans served as President of Tetra Tech Asia Pacific and Chief Executive Officer of Coffey Consulting. Previous roles include Chief Operating Officer and Finance Director of Coffey International Limited, Finance Director of Wattyl Limited as well as executive roles with United Group Limited and WMC Resources Limited.

A summary of Mr Meyerhans’ key terms of employment is attached.

Those terms signal a change to the structural elements of the approach to executive remuneration with a heavier weighting being placed on long term incentives coupled with a focus on short term financial and critical non-financial goals. The changes will apply to executive remuneration from FY22. Full details of the changes will be provided in the FY21 Remuneration Report to be released in August 2021.

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The Board obtained advice from Guerdon Associates on Mr Meyerhans’ employment agreement and the changes with respect to the remuneration structure.

This announcement has been authorised for release to the ASX by the GWA Board of Directors.

For further information call:

Martin Cole Capital Markets Communications +61 (0)403 332 977

Key terms of Managing Director and CEO employment agreement

In accordance with ASX Listing Rule 3.16.4, GWA makes the following disclosures in respect of the key terms of the employment agreement entered into with the Managing Director and CEO, Mr Urs Meyerhans ( Agreement ).

(Agreement).
Term ofAppointment	Mr Meyerhans has been appointed as ManagingDirector and CEO of GWA commencing from 1 July2021.
Total FixedRemuneration(TFR) (includingsuperannuation)	$1,000,000 per annum.
Incentives	Participation in GWA’s Short Term Incentive (STI) Planfrom FY22:•STI opportunity of 50% of TFR based on Boardapproved KPIs including both financial and criticalnon-financial KPIs.Participation in GWA’s Long Term Incentive (LTI) Planfrom FY22:•LTI opportunity of 150% of TFR over a three-yearperformance period and subject to achievement ofperformance hurdles in respect of growth inEarnings Per Share (EPS) and Total ShareholderReturns (TSR).
Termination	Either party may terminate the Agreement by givingnot less than 12 months’ written notice. Further, GWAmay pay Mr Meyerhans 12 months’ of TFR in lieu ofproviding notice.Otherwise, GWA may terminate Mr Meyerhans'position without notice or payment for, amongst otherthings, serious or persistent misconduct, wilful neglectin discharge of his duties, or being charged with orconvicted of any criminal offence.
Restraint	Mr Meyerhans will be restrained for up to 12 monthsfollowing the cessation of his employment with GWAfrom soliciting business, clients, customers, suppliersor employees of GWA or a related body corporate ofGWA.