Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Victorian Plumbing has appointed Stephnie Judge as chief executive officer, coinciding with the implementation of a new long-term executive incentive scheme.
The board changes, originally announced in February, saw Judge, who will succeed founder Mark Radcliffe, move from group managing director to the senior executive role today (2 April 2026).
Radcliffe has transitioned to a non-executive founder director position and remains a significant shareholder.
Simultaneously, the firm introduced the Victorian Plumbing Group Value Creation Plan (VCP), a one-off award designed to align the executive leadership team’s rewards with shareholder value over the next four financial years.
The plan focuses on strategic objectives including the integration of MFI, warehouse infrastructure investment, and the expansion of the group’s trade proposition.
The VCP is structured to allow the eight members of the executive leadership team to share in a proportion of shareholder value, provided specific share price hurdles are met.
If the group’s share price fails to exceed £2.25 over the averaging period, the awards will lapse. At prices between £2.25 and £2.50, participants receive 5% of the value created above the initial hurdle; this increases to 10% for value created above £2.50.
This plan sits alongside existing long-term incentive and deferred bonus plans but includes malus and clawback provisions to ensure risk management and alignment with shareholder outcomes.
Chief executive Judge and chief financial officer Daniel Barton have been allocated 25% and 20% of the VCP pool respectively.
Radcliffe will not participate in the new scheme. The remuneration committee stated that the plan is a retention mechanism intended to drive profitable growth through the group’s transition from offline to online retail.
The policy will be formally detailed in the 2026 directors’ remuneration report.
