St. Modwen Properties (LON:SMP), expert developer and regeneration specialist, has announced that Mark Allan, Chief Executive, has advised the Board of his intention to leave St. Modwen in order to become CEO of Land Securities Group PLC. He will leave St. Modwen at the end of May 2020 and in the meantime, will continue to play a full and active role in the business.
The Board will now begin the process to appoint a successor and the Company will provide an update as and when appropriate.
Commenting on the announcement, Danuta Gray, Non-executive Chair of St. Modwen, said:
“Whilst we will be disappointed to see Mark leave, we have achieved an enormous amount over the past three years while he has been in post. We now have a clear strategy focused on sectors with strong structural growth characteristics, an aligned and talented management team in place to deliver, plenty of financial capacity and a deep pipeline of opportunities, all of which continue to underpin our growth ambitions. I would personally like to thank Mark for everything that he has achieved over the past three years and for his support to me over the past twelve months. The Board and I wish him well in his new role.”
Mark Allan commented:
“I am very proud of what we have achieved at St Modwen Propeties over the past three years. We have repositioned the portfolio towards stronger growth sectors and substantially reduced our exposure to more challenging sectors such as retail and London residential land in a timely manner. In the process we disposed of nearly half our initial portfolio and substantially reduced our borrowing, creating financial capacity to grow. We have a strong team in place, good momentum in the performance of the business and I have every confidence that St Modwen will go from strength to strength.”
A statement required by section 430(2B) of the Companies Act 2006 will be placed on St. Modwen’s website as soon as reasonably practicable following the date on which Mark Allan ceases to be a director of the Company.