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2 Feb 2016 07:00
Date of issue: 2nd February 2016
ST. MODWEN PROPERTIES PLC
("St. Modwen" or "the Company")
NOTICE OF DIRECTORATE CHANGE
-CEO Succession Planning-
St. Modwen Properties PLC (LSE: SMP), the UK's leading regeneration specialist, today announces that Bill Oliver has informed the Board of his intention to retire as Chief Executive. Bill will leave St. Modwen on 30th November 2016, at the end of the Company's financial year after 13 years as Chief Executive and 17 years on the Board. The announcement is being made now in order to ensure that the Board has the necessary time to conduct a search for his successor.
Commenting on Bill's retirement, Bill Shannon, Chairman of St. Modwen, said:
"Bill has made a significant contribution to both the property industry and St. Modwen during his long and successful career as both Finance Director and Chief Executive. Under his leadership the Company has delivered excellent returns for shareholders and has furthered its reputation as the UK's leading regeneration specialist. He has guided the business through significant changes and challenges and has earned the respect of our shareholders, partners, colleagues and the Board. Bill will leave St. Modwen with our very best wishes.
"Bill will continue to play a full and active role in the business, supported by his experienced senior management team and will remain a member of the Board and continue as Chief Executive until 30th November 2016."
Bill Oliver said:
"It has been a great privilege to have been part of St. Modwen's success over the past 17 years. 2016 marks the 30th anniversary of the Company's listed status and the business remains in a strong position with a portfolio and team in place to deliver excellent future growth. I would like to thank all of St. Modwen's employees, past and present for their hard work and dedication and for helping to make my time at the Company such a rewarding and enjoyable experience. I have been surrounded by an extremely talented senior management team, a number of whom have been with me throughout my career at St. Modwen, and I have every confidence that they will continue to drive the business forward."
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 Bill Oliver ceases to be a director of the Company.
-ENDS-
ENQUIRIES:
St. Modwen Properties PLC | Tel: 0121 222 9400 |
Bill Shannon, Chairman | www.stmodwen.co.uk |
Bill Oliver, Chief Executive | |
Charlotte McCarthy, Head of PR and Communications | |
FTI Consulting | Tel: 020 3727 1000 |
Dido Laurimore/ Tom Gough/ Ellie Sweeney |
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