IT services provider Serco Group today said it has appointed Rupert Soames as its Group Chief Executive with effect from June 1, 2014.
Ed Casey will continue to lead the company as Chief Executive in the interim.
"Serco Group plc is pleased to announce the appointment of Rupert Soames OBE as Group Chief Executive with effect from 1 June 2014, at which point he will join the Serco Group plc Board," the firm said in a statement.
At present, Soames is the Group Chief Executive of Aggreko a support services company.
Prior to joining Aggreko, Soames was Chief Executive of Banking & Securities division of Misys Group.
"Soames has been appointed on an annual salary of 850,000 GBP and it will next be reviewed on April 1, 2016," Serco said.
He will receive a pension allowance of 30 per cent of the base salary and will enter into the existing Serco incentive plans for Executive Directors on the existing terms, it added.
His target and maximum bonus opportunity will be 75 per cent and 150 per cent of base salary, respectively and will be linked to the achievement of financial and non-financial targets.
He will also be eligible to receive a performance share plan (PSP) award of 200 per cent (maximum) of base salary, which will be subject to three-year performance targets.
