Serco Announces Leadership Transition: Mark Irwin to Retire, Anthony Kirby Named CEO

Serco Group plc (LON:SRP), a global provider of services to governments, has announced the upcoming retirement of Mark Irwin and the appointment of Anthony Kirby as Group Chief Executive designate. After 12 years with the company, Irwin informed the Board of his decision to retire and will officially step down from his role on February 28, 2025. He will continue to support Serco as a strategic adviser during the transition.

Anthony Kirby, currently CEO of Serco’s UK & Europe division, the largest within the Group, will assume the role of Group Chief Executive on March 1, 2025. Details of Kirby’s remuneration package will be outlined in the 2025 Annual Report and will adhere to the company’s approved Directors’ Remuneration Policy.

Upon taking up the position, Kirby’s annual base salary will be $1,025,390, with eligibility for a salary review beginning in 2026. He will receive pension contributions at a rate of 8%, consistent with the wider workforce. Kirby will have the opportunity to earn a maximum annual bonus of 175% of his base salary, with amounts exceeding 100% deferred into shares for three years. Additionally, he will be eligible for up to 200% of his annual salary in performance-related long-term incentive shares.

Mark Irwin will receive his contractual 12-month notice period starting from January 13, 2025, the date of the announcement. During this time, he will continue to be compensated in line with his existing contract and the company’s remuneration policy. He will be entitled to an annual bonus for 2024, based on audited performance outcomes, as well as a pro-rated bonus for his period of employment in 2025, including the notice period.

If Irwin assumes a role outside of Serco, other than as a Non-Executive Director, before the end of his employment, the company’s Remuneration Committee may use its discretion to adjust his bonus entitlement for 2025.

As a retiree, Irwin qualifies as a “good leaver” under Serco’s share plans. Any shares awarded during his tenure as Group Chief Executive will remain subject to post-holding period rules as specified in the plan.

A formal statement detailing remuneration payments in compliance with section 430(2B) of the Companies Act 2006 will be published.

Serco’s policy permits Executive Directors to accept directorships at other publicly listed companies and retain associated fees, provided such roles do not interfere with their responsibilities at Serco. To ensure sufficient focus on their executive duties, the company limits Executive Directors to one non-executive directorship or chairmanship at a quoted company, in alignment with the UK Corporate Governance Code.

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