TIDMLAND
RNS Number : 3009U
Land Securities Group PLC
22 November 2019
New Chief Executive appointment
22 November 2019
This announcement contains inside information.
Land Securities Group PLC ("Landsec" or the "Company") is
pleased to announce that Mark Allan is to be appointed as its next
Chief Executive Officer ("CEO"). Mark Allan is currently Chief
Executive Officer of St Modwen Properties Plc, a role he has held
since 1 November 2016. He joined St Modwen Properties Plc from The
Unite Group plc, where he was CEO from 2006 until May 2016. Mark is
a qualified Chartered Accountant and a member of the Royal
Institution of Chartered Surveyors. He will take up the new role,
and become an Executive Director, with effect from a date to be
confirmed but by no later than 1 June 2020.
Commenting on the appointment, Cressida Hogg, Chairman of
Landsec, said
"I am delighted to announce that Mark is to join Landsec as our
next CEO. Mark has been a highly successful CEO of two companies in
the property sector. He has demonstrated strong management skills
and the strategic insights that we believe will build on the
strengths of our business today and be invaluable for the next
phase of Landsec's evolution. On behalf of the Board, and all of my
colleagues in the business, I welcome Mark to Landsec and look
forward to working with him when he joins next year."
"I would also like to restate the Board's appreciation to Rob
for his successful leadership of Landsec as CEO and his continued
commitment to the business."
Mark Allan said "Landsec is an iconic property company with a
fantastic heritage and I am delighted to have the opportunity to
lead it. The world of Real Estate is undergoing significant change
and I am confident, with the skills and experience already in
place, that great opportunities lie ahead. I am looking forward to
working with everyone at Landsec, the Board and its partners and
customers."
Robert Noel will continue as CEO for the time being and a
further announcement will be made in due course regarding his
leaving date.
There are no other matters to disclose under Listing Rule
9.6.13.
Ends
Additional information
Remuneration Arrangements for Mark Allan
Mark Allan's remuneration arrangements will be in accordance
with Landsec's Directors' Remuneration Policy (the "Policy"), which
was approved by shareholders at the Annual General Meeting in July
2018.
1. Salary and benefits
Mark Allan will receive an annual base salary of GBP800,000 and
benefits including a car allowance (or equivalent cash supplement)
of GBP12,000, eligibility for private health care for him, his
spouse and dependent children, life assurance of 4x base salary and
ill health income protection of up to 66.7% base salary.
He will also receive a cash pension allowance of 10.5% base
salary, which is in line with the maximum pension rate applicable
to the wider workforce and recognises best practice under the UK
Corporate Governance Code and investor guidelines.
2. Bonus
Mark Allan will be eligible to participate in Landsec's Annual
Bonus Scheme and for the 2020/21 financial year he will have a
maximum bonus opportunity of 150% of base salary, subject to
performance conditions being met, which will be delivered in cash
and deferred shares in accordance with the Policy.
3. Share incentives
Mark Allan will be eligible to participate in Landsec's
Long-Term Incentive Plan (the "LTIP") with a maximum annual award
of 300% of base salary, subject to performance conditions being met
which will be set in line with the Policy.
4. Replacement awards
In order to replace existing long term incentive awards from his
current employer that will lapse as a consequence of this
appointment, but were due to vest in 2020, 2021 and 2022, Mark
Allan will receive three nil-cost option awards (subject to
performance conditions) over shares in Landsec of equivalent value
to vest in line with the vesting schedule of the original awards.
These awards will be granted on materially equivalent terms to the
rules of the LTIP, including malus and clawback. The extent to
which the awards vest in 2020 and 2021 will be determined by
reference to the existing performance conditions relating to his
current employer; the outcome of the award vesting in 2022 will be
determined by the performance conditions of the LTIP.
As compensation for the annual bonus that would have been
received from his former employer, Mark Allan will receive a
replacement bonus of up to GBP700,000, repayable on a pro rata
basis if he leaves Landsec within two years. 40% of Mark Allan's
net bonus will be used to purchase shares in Landsec to be held for
a period of at least three years.
As compensation for the loss of his existing Sharesave options
granted by his former employer, Mark Allan will be granted a
one-off award of free shares in Landsec equivalent in value to the
gross value of the grant that would have been made had such options
not lapsed.
5. Other
Mark Allan will be entitled to a one-off cash relocation payment
of GBP200,000, repayable on a pro rata basis if he leaves Landsec
within two years.
Mark Allan will be required to build up and maintain a minimum
shareholding equal to 300% base salary.
About Landsec
At Landsec, we believe great places are for people to experience
and are made with the experience of great people.
As one of the largest real estate companies in Europe, our
GBP13.4 billion portfolio spans 24 million sq ft of well-connected,
experience-led retail, leisure, workspace and residential hubs,
with a growing focus on London. From the iconic Piccadilly Lights
in the West End and the regeneration of London's Victoria, to the
creation of retail destinations at Westgate Oxford and Trinity
Leeds, we own and manage some of the most successful and memorable
real estate in the UK.
We aim to lead our industry in critical long-term issues - from
diversity and community employment, to carbon reduction and climate
resilience. We deliver value for our shareholders, great
experiences for our customers and positive change for our
communities. At Landsec, everything is experience.
Find out more at landsec.com
For further information, please contact:
Press Investors
Andrew Grant / Jonathan Ed Thacker
Sibun +44 (0)20 7024 5185
Tulchan Communications edward.thacker@landsec.com
+44 (0)20 7353 4200
AGrant@tulchangroup.com
jsibun@tulchangroup.com
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END
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