The Benefits & Rewards Services roadmap is built around three key pillars:
- growing its core business and accelerating into the meals and food market including enhanced functionality, technology and data, increased SME penetration, investments in technology, digital offers, brand, sales and marketing;
- the development of its near core business by enriching its offerings with a wider range of services, gradually integrated into a single multi-benefit platform, as is already the case in the United Kingdom and the United States;
- in a longer-term ambition, diversification beyond the core business.
This ambitious roadmap will involve capex to support product digitization, as well as a program of targeted acquisitions.
For all these reasons, the Benefits & Rewards Services activity is confident in achieving its medium-term outlook, which is:
- for Fiscal 2023, +12% to +15% of organic growth and around 30% Underlying operating profit margin;
- for Fiscal 2024 and 2025, low double-digit growth and more than 30% Underlying operating profit margin.
3.1.8 Regionalization of the On-Site Services organization
In On-Site Services, the process to transfer end-to-end P&L management to the regions and countries regrouped in three geographic zones (North America, Europe and the Rest of the World) was fully effective from October 1, 2022.
These three zones are led by Sarosh Mistry, Sunil Nayak and Johnpaul Dimech respectively. This simplification will bring agility and speed of execution.
3.1.9 Changes in the Board of Directors
- The renewal of Véronique Laury, Luc Messier and Cécile Tandeau de Marsac, as independent directors, will be proposed at the next Shareholders Meeting.
- Sophie Stabile’s mandate will not be renewed at the next Shareholders Meeting. The Board warmly thanks Sophie Stabile for her extensive contribution to the Board’s discussions over the past four years, in particular for her active participation as Chairwoman of the Audit Committee and member of the Compensation Committee.
- Jean-Baptiste Chasseloup de Chatillon, independent director who joined the Board and the Audit Committee in 2021, will become Chairman of the Audit Committee. Luc Messier will also join this Committee that will remain 75% independent.
- Federico J. González Tejera, independent director, will join the Compensation Committee. As a result, the Committee will remain 100% independent.
- Patrice de Talhouët will be proposed as a new member of the Board. Patrice de Talhouët joined Bellon SA this year as Managing Director. He has an international experience of more than 20 years in the United States, United Kingdom and Belgium in finance within major family-controlled such as Mars, Coty and JAB. Recently he was Finance Director of Coty, the cosmetics group listed in New York and an S&P 500 stock and then European director for JAB consumer fund, the Coty family holding company.
- Should all the resolutions concerning the appointment and reelection of Board members be approved at the Shareholders Meeting, the Board will be made up of six women and six men and 60% of its elected members will be independent.
