Chief Executive Officer Peter L. Ravn has decided to retire and leave SimCorp after more than 25 years – 17 years as member of the Executive Management Board and the past 11 years as CEO.
The Board is grateful to Peter L. Ravn for successfully having guided SimCorp through more than a decade of global expansion, but acknowledge Peter’s decision to prioritise other activities. The Board has appointed Klaus Holse his successor as Chief Executive Officer. Klaus Holse is currently Corporate Vice President in Microsoft, responsible for Microsoft’s activities in Western Europe and he has a long track record in international IT businesses. Before joining Microsoft Klaus Holse was CEO in various Danish companies and before that Senior Vice President at Oracle Corporation.
Peter will continue his duties and responsibilities for SimCorp and prepare a smooth transition until the handover to Klaus on 1 September 2012. After that and until the end of 2012 Peter will stay at the Board of Director’s disposal.
Klaus Holse’s remuneration in SimCorp is in accordance with the remuneration guidelines approved by the Annual General Meeting held on 29 March 2012. As part of the service agreement Klaus Holse will as a non-recurring compensation be allocated restricted stock units comprising SimCorp shares with a total market value of DKK 10 million. The share price used for calculating the number of restricted stock units is DKK 932.7. The restricted stock units shall vest with 60% after 3 years, an additional 20% after 4 years and the remaining 20% after 5 years. Vesting requires that Klaus Holse is employed as CEO of SimCorp on the vesting dates. The allocation of restricted stock units is subject to an investment by Klaus Holse in SimCorp shares prior to 1 September 2012 at a market price of at least DKK 5 million. Klaus Holse shall maintain this investment for at least 5 years from 1 September 2012, however, the investment requirement will lapse pro rata as the restricted stock units vest.