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Softcat Says Graeme Watt To Be Appointed As New CEO

Softcat plc (SCT.L) said that Graeme Watt is to join the Board as Chief Executive with effect from 1 April 2018.

Graeme is currently Senior Vice President EMEA, Advanced and Specialist Solutions, Tech Data Corporation, a position he has held since March 2017. He was promoted to that role when Avnet's Technology Solutions business was acquired by Tech Data in early 2017. Prior to that, he was President for Avnet Technology Solutions, EMEA for almost seven years and a member of Avnet's Global Executive Committee.

He previously spent six years at Bell Micro (as President of Global Distribution) and his earlier career included roles at Tech Data (President EMEA) and Computer 2000 (Managing Director UK & Ireland). Graeme Watt is also a qualified accountant (ICAEW).

As previously announced, and effective from the date of Graeme joining Softcat, Martin Hellawell (currently Chief Executive of the Company) will become Non-Executive Chairman and Brian Wallace, who is currently Non-Executive Chairman, will retire from the Board.

From 1 April 2018, Graeme Watt will receive a salary of £450,000 on his appointment as Chief Executive. The variable incentive opportunity for the Chief Executive role will be 100 per cent of Salary for the Annual Bonus and 100 per cent of Salary for the Long Term Incentive Plan. These arrangements, along with other elements of Graeme's remuneration are in line with Softcat plc's Remuneration Policy approved by shareholders in 2016.

From 1 April 2018, Martin will receive an annual fee of £150,000 on his appointment as Non-Executive Chairman. His remuneration will be in line with his new letter of appointment.

On stepping down as Chief Executive, Martin will receive no termination payments from the Company. In line with his service agreement and Softcat plc's Remuneration Policy approved by shareholders in 2016: Martin will receive salary and benefits up to 31 March 2018. Martin will remain eligible for consideration for payment of an annual bonus in respect of 2017/18. Any payments will be time pro-rated up to 31 March 2018.

by RTT Staff Writer

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