(Alliance News) - St Modwen Properties PLC on Tuesday named Sarwjit Sambhi as its new chief executive officer, with effect November 2.
The FTSE 250-listed property investor noted Sambhi was most recently the CEO of British Gas owner Centrica PLC's Consumer division. Sambhi also served on Centrica's board.
"Sarwjit's breadth of experience and proven leadership capability in a large and complex organisation strongly positions him to deliver St Modwen's stated strategy. The board believes he is a great fit for St Modwen and well qualified to lead the business and develop the company for further success, creating value for all our stakeholders," St Modwen Chair Danuta Gray said.
St Modwen's previous CEO Mark Allan jumped ship to fellow property firm Land Securities Group PLC. The move was announced back in November last year and Allan joined Landsec in April.
St Modwen shares were 0.6% lower at 310.12 pence each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Centrica (CNA)