Wrap Text
Appointment of Chief Executive Officer Designate
Vivo Energy plc
(Incorporated in England and Wales)
(Registration number: 11250655)
(Share code: VVO)
LEI: 213800TR7V9QN896AU56
ISIN: GB00BDGT2M75
9 November 2021
Vivo Energy plc
LSE:VVO / JSE:VVO
Appointment of Chief Executive Officer Designate
Vivo Energy plc (“the Company”), the pan-African retailer and marketer of Shell and Engen-branded
fuels and lubricants, announces that Christian Chammas, Chief Executive Officer, has informed the
Board that he intends to retire from his role in 2022. Christian has been instrumental in transforming,
developing and growing the business since he joined in 2012 and the Board would like to express its
sincere appreciation to him for his achievements, including taking the Company through its Initial Public
Offering, and near doubling of the Retail network during his tenure.
As part of an orderly succession process, the Board is pleased to announce that Stanislas (“Stan”)
Mittelman has been appointed Chief Executive Officer Designate. Stan will join the Company in early
2022, once he has completed his notice period with his current employer and secured a work permit.
After an initial transition period, we expect Stan to be appointed a Director of the Company and
become Chief Executive Officer in March 2022.
Stan brings over 30 years of downstream energy experience to Vivo Energy and has spent a substantial
part of his career operating on the African continent. Since 2016, he has been SVP Africa, TotalEnergies
Marketing & Services, where he led the fuel retailing and marketing business across 40 countries in
Africa. Prior to this, he held a range of senior positions at TotalEnergies, including CEO of Total
Marketing France, and a number of African-focused roles, including EVP West Africa for Total
Marketing Services and MD Total Zimbabwe.
Commenting on the appointment, John Daly, Chairman of Vivo Energy, said, “Christian’s
leadership, drive, focus on performance and absolute fixation on the health and safety of our
employees, customers and partners has been integral to the remarkable growth and success of Vivo
Energy since its formation a decade ago. Of special mention is the way in which he has managed the
business through the pandemic with his total focus on our people’s safety and wellbeing - a true
reflection of the leader he is. The Board and I will be very sad to see him leave next year and wish him
all the best for the future, and a long and healthy well-earned retirement. We are delighted to welcome
Stan to lead Vivo Energy during its next stage of growth. He has a strong track record in developing
businesses and driving growth, and this - along with his genuine passion and understanding of Africa -
make him ideally suited to the role.”
Christian Chammas, Chief Executive Officer, said: “Since the inception of Vivo Energy, our
story has been one of sustained growth, while operating in a manner designed to achieve our vision
of becoming Africa’s most respected energy business. I am very proud of what we have achieved and
of the people within Vivo Energy, who have been so instrumental to our success over the last ten
years. Stan is an excellent successor to take Vivo Energy forward in its next stage of growth, and I
look forward to working with him next year to ensure an orderly and structured handover.”
Commenting on his new role, Stan Mittelman, Chief Executive Officer Designate, said,
“Vivo Energy is an exciting, fast-paced and entrepreneurial business and I am delighted that the Board
has put its trust in me to take the Company forward. Having spent much of my career in Africa, I
know first-hand the vast opportunity that exists on the continent and I look forward to working with
my new colleagues to continue Vivo Energy’s growth story in the coming years.”
Media contacts: Investor contact:
Vivo Energy plc Vivo Energy plc
Rob Foyle, Head of Communications Giles Blackham, Head of Investor Relations
+44 20 3034 3740 / +44 7715 036 407 +44 20 3034 3735 / +44 7714 134 681
rob.foyle@vivoenergy.com giles.blackham@vivoenergy.com
Tulchan Communications
Harry Cameron, Suniti Chauhan
+44 20 7353 4200
vivoenergy@tulchangroup.com
There are no other matters to disclose under Listing Rule 9.6.13.
Ends
Notes to editors:
Remuneration arrangements:
Stan’s remuneration arrangements will be in accordance with Vivo Energy’s Remuneration Policy (the "Policy"), which was
approved by shareholders at the Annual General Meeting in May 2019. He will receive a base salary of £585,000, relocation
assistance and benefits and incentive awards commensurate with his position. Stan will receive a pension allowance of 10%
of base salary, which is in line with that received by the UK workforce. He will also receive an initial award of 800,000 Vivo
Energy plc shares, that will vest over two years and be subject to a further two-year holding period. This award is being
made to compensate him for the loss of awards from his current employer. Stan will be required to build up and maintain a
minimum shareholding equal to 200% of base salary. He will have a 12-month notice period. Full details of Stan’s total
remuneration and the remuneration arrangements for Christian’s retirement will be included in the 2021 Annual Report.
About Vivo Energy:
Vivo Energy operates and markets its products in countries across North, West, East and Southern Africa. The Group has
a network of over 2,400 service stations in 23 countries operating under the Shell and Engen brands and exports lubricants
to a number of other African countries. Its retail offering includes fuels, lubricants, card services, shops, restaurants and other
non-fuel services. It provides fuels, lubricants and liquefied petroleum gas (LPG) and solar energy solutions to business
customers across a range of sectors including marine, mining, construction, power, transport, wholesalers and manufacturing.
The Company employs around 2,700 people and has access to over 1,000,000 cubic metres of fuel storage capacity and has
a joint venture, Shell and Vivo Lubricants B.V., that sources, blends, packages and supplies Shell-branded lubricants.
Vivo Energy plc has a primary listing on the London Stock Exchange, and is a member of the FTSE 250 index, with a secondary
inward listing on the Johannesburg Stock Exchange.
For more information about Vivo Energy, please visit www.vivoenergy.com
Forward-looking statements:
This announcement includes forward-looking statements. These forward-looking statements involve known and unknown risks and
uncertainties, many of which are beyond the Company's control and all of which are based on the Directors' current beliefs and
expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such
as: "believe", "expects", "may", "will", "could", "should", "shall", "risk", "intends", "estimates", "aims", "plans", "predicts", "continues",
"assumes", "positioned", "anticipates" or "targets" or the negative thereof, other variations thereon or comparable terminology. These
forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this report
and include statements regarding the intentions, beliefs or current expectations of the Directors or the Group concerning, among other
things, the future results of operations, financial condition, prospects, growth, strategies of the Group and the industry in which it
operates.
No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks
and uncertainties facing the Group. Such risks and uncertainties could cause actual results to vary materially from the future results
indicated, expressed, or implied in such forward-looking statements.
Such forward-looking statements contained in this report speak only as of the date of this announcement. The Company and the
Directors expressly disclaim any obligation or undertaking to update these forward-looking statements contained in the document to
reflect any change in their expectations or any change in events, conditions, or circumstances on which such statements are based,
unless required to do so by applicable law.
JSE Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
Date: 09-11-2021 09:00:00
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