(Alliance News) - Property developer Land Securities Group PLC on Friday said it has appointed St Modwen Properties PLC's Mark Allan as its new chief executive in a role he'll take up before June.
Allan will leave his post as St Modwen CEO in May next year, after more than three years in the role. He also formerly was the CEO of student accommodation provider Unite Group PLC.
Landsec Chair Cressida Hogg said: "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."
He replaces incumbent Robert Noel, who will retire next year after spending ten years with the firm.
FTSE 250 firm St Modwen said it has began a process to find Allan's replacement and said he will "play a full and active role in the business" until his May departure.
Non-Executive Chair Danuta Gray 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."
Shares in Landsec were 0.4% higher at 908.60 pence each in early trade in London on Friday. St Modwen was down 2.3% at 446.50p in early dealings.
By Eric Cunha; ericcunha@alliancenews.com
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