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PZ Cussons Says No Retirement Payments To Former CEO Alex Kanellis

Consumer products group PZ Cussons Plc. (PZC.L) said its remuneration committee has determined that no payments will be made to former chief executive officer Alex Kanellis, following an internal investigation.

The company said in December 2019 that Alex Kanellis would retire on 31 January 2020.

Meanwhile, the company said certain matters were brought to the attention of the company. These related to a number of cash withdrawals and payments made by Kanellis over a period of years.

The actions had not previously been disclosed to the Board and, if substantiated, indicated behaviours inconsistent with what would be expected of a senior member of management, the company said in a statement.

The company said that, as soon as it became aware of the alleged activities, it immediately initiated an independent investigation, led by external law firm Addleshaw Goddard LLP, which is now complete.

A report has been presented to and considered by the PZ Cussons Board.

PZ Cussons Board is now in a position to conclude that Kanellis' conduct fell short of that which could reasonably be expected from the Chief Executive Officer and constituted repeated breaches of his duties as a Director of the Company.

According to the company, the Board is satisfied that the financial amounts involved are not material in the context of the Group and that there is no impact on or requirement to restate the financial statements for the current or any prior periods.

Meanwhile, the company has asked a firm of independent accountants to perform a review of Controls and Compliance, focusing on specific areas highlighted by Addleshaw Goddard's report.

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