RNS Number : 8275Y
Land Securities Group PLC
09 September 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD
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9 September 2022
Land Securities Group PLC (the "Company" or "Landsec")
Landsec has today announced that Colette O'Shea will be leaving
the organisation as the business moves into the next phase of its
As Chief Operating Officer, Colette has supported Landsec CEO
Mark Allan to develop and implement his growth strategy since 2020,
establishing new structures and ways of working. As this strategy
enters its next phase, there will be an increased emphasis on
operational autonomy within business units, meaning the role of COO
is no longer critical to its operations.
She will cease to be a Director of the Company on 30 September
2022 and then step down from her role as Chief Operating Officer
with effect from 31 March 2023 after a transitional period.
Colette has been an important part of Landsec's success, having
joined in 2003 before becoming Managing Director of the London
portfolio in 2014, joining the Board in 2018 and becoming Chief
Operating Officer in 2020. She has overseen numerous projects in
Landsec's portfolio including the flagship transformation of
Mark Allan, CEO Landsec said: "Landsec has been incredibly
fortunate to have someone of Colette's skills, focus and drive at
its heart for such a period of time. Over her time with us, few
people have done more to reshape our business, and with it, the
city of London. Speaking personally, I am immensely grateful for
all the support she has shown me, particularly as I joined at the
start of the pandemic, which she helped us to navigate with typical
clarity and compassion."
"I'm proud of the time I've worked at Landsec and have enjoyed
many great opportunities and experiences. It has been a privilege
to work on some fantastic schemes and with some truly brilliant
people across our various teams. While I'll miss working alongside
them, I know they will carry on going from strength to strength and
I look forward to seeing them, and Landsec, continue to grow."
At Landsec, we build and invest in buildings, spaces and
partnerships to create sustainable places, connect communities and
realise potential. We are one of the largest real estate companies
in Europe, with a GBP12 billion portfolio of retail, leisure,
workspace and residential hubs.
Landsec is shaping a better future by leading our industry on
environmental and social sustainability while delivering value for
our shareholders, great experiences for our guests and positive
change for our communities.
Find out more at landsec.com
Ed Thacker Sara Doggett
+44 (0) 7887 825 869 +44 (0) 7834 431 258
Section 430(2B) Companies Act 2006 Statement - Colette
As required by section 430(2B) of the Companies Act 2006,
details of the remuneration payments made or to be made to Colette
O'Shea are set out below. These arrangements are consistent with
the Company's Directors' Remuneration Policy, which was approved by
shareholders at the 2021 AGM.
Salary and benefits
Colette will continue to work in the business and will be
available to assist with a smooth transition until 31 March 2023.
She will continue to be an employee until the end of her notice
period on 8 September 2023 and will receive her salary and normal
benefits during the remainder of her employment.
Colette will be eligible to receive a bonus in respect of the
2023 financial year. The amount of any bonus will reflect Colette's
time served as Chief Operating Officer, be subject to the
satisfaction of the relevant performance criteria and will be
determined by the Remuneration Committee on the normal
Colette's outstanding deferred bonus awards, which reflect past
performance, will continue and will vest on the normal vesting
Colette's outstanding unvested awards granted under the
Company's long-term incentive plan will vest on the normal vesting
date, subject to the satisfaction of applicable performance
conditions and to time pro-rating. A two year post-vesting holding
period will apply as normal. To the extent that awards, vest,
dividend equivalents may be credited.
Colette's outstanding option under the Company's Sharesave plan
will be exercisable (to the extent of her savings as at the date of
exercise) within six months of the termination date.
Colette will receive a statutory redundancy payment of GBP15,417
calculated in accordance with applicable legislation and will be
paid in lieu of any accrued holiday that cannot be taken. She will
also receive a contribution of up to GBP15,000 (excluding VAT) in
respect of legal fees and up to GBP70,000 (excluding VAT) in
respect of outplacement support.
Colette will comply with the Company's post-cessation
Other than the amounts disclosed above, Colette will not be
eligible for any remuneration payments or payments for loss of
In accordance with section 430(2B) of the Companies Act 2006,
the information contained in this document will be made available
on the Company's website until its next Directors' Remuneration
Report is made available. The relevant remuneration details
relating to Colette will be included in the Directors' Remuneration
Report in the Annual Report and Accounts.
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(END) Dow Jones Newswires
September 09, 2022 02:01 ET (06:01 GMT)
Grafico Azioni Land Securities (LSE:LAND)
Da Nov 2022 a Dic 2022
Grafico Azioni Land Securities (LSE:LAND)
Da Dic 2021 a Dic 2022