TIDMDLN
RNS Number : 2807I
Derwent London PLC
23 November 2018
Derwent London plc ("Derwent London" / the "Company" or the
"Group")
BOARD CHANGES
Derwent London announces changes to the leadership of the
Group.
The Hon. Robert Rayne has informed the Board that, after twelve
years as Non-Executive Chairman, he will retire at the next Annual
General Meeting of the Company on 17 May 2019. He will be succeeded
as Non-Executive Chairman by John Burns, the founder and current
Chief Executive, for a period of two years. Thereafter, Derwent
London intends to appoint an independent Chairman.
The Board has run a thorough process considering internal and
external candidates to succeed John Burns as Chief Executive. It
has unanimously concluded that Paul Williams, currently Property
Director, should be appointed as Chief Executive on 17 May 2019.
Paul has been a member of the Board since 1998 having joined the
Group in 1987. He is a chartered surveyor and most recently has had
overall responsibility for lettings, asset management and the
delivery of Derwent London's substantial development projects.
Following these changes and the previously announced appointment
of Lucinda Bell to the Board with effect from 1 January 2019, the
Board will comprise the Chairman, seven independent Directors and
five Executive Directors. The separate roles of Chief Executive and
Chairman are clearly defined. The Company has consulted with its
major institutional shareholders who are supportive of these
changes.
Robbie Rayne commented: "I am delighted to hand over the
chairmanship to John Burns. He has been an outstanding leader of
Derwent London as it has grown into the successful business it is
today. He has been instrumental in developing our great people,
building iconic developments and delivering outstanding long-term
financial returns. Our half year performance and recent business
update shows continued positive momentum in the business.
The Board values the importance of retaining Derwent London's
strong culture and the extensive experience of its senior
management. Paul Williams has been an integral member of the
management team with strong strategic, operating and property
expertise and has built lasting relationships with our occupiers.
He has the knowledge, skills and expertise to lead the business and
will do an excellent job as Chief Executive."
Simon Fraser, Senior Independent Director, commented: "Robbie
Rayne has led the Board excellently since the Derwent Valley/London
Merchant Securities merger in 2007. The business has gone from
strength to strength reflecting the combined heritage of the Group.
The Board thanks Robbie for his guidance, wisdom and leadership and
we wish him well in his continued focus with LMS Capital and his
charitable interests. The decision to appoint John to take over as
Chairman from Robbie reflects John's considerable experience
together with his deep understanding of Derwent London's
culture."
Paul Williams, Property Director, commented: "I am greatly
looking forward to leading Derwent London, working with our
tremendous team to build on our track record of delivering
long-term returns to our shareholders, while delivering benefits
for all our other stakeholders. Our focus on fantastic buildings,
creating exciting space and developing our strong relationships has
underpinned our success and these will remain the hallmarks of our
business."
- ends -
For further information, please contact:
Derwent London John Burns, Chief Executive
Tel: +44 (0)20 7659 3000 David Lawler, Company Secretary
Quentin Freeman, Head of Investor Relations
Brunswick Group Simon Sporborg
Tel: +44 (0)20 7404 5959 Nina Coad
Further information:
The information set out below is provided in accordance with
section 430(2B) of the Companies Act 2006.
Robert Rayne
There is no payment for loss of office on Robert Rayne ceasing
to be a Director. Robert Rayne is expected to remain with the
Company until retirement on 17 May 2019 (the "Retirement
Date").
Robert Rayne's letter of appointment, currently due to expire on
25 March 2019, will be extended to the Retirement Date with no
changes made to its terms. Robert Rayne will continue to receive
his Director's fees and benefits in accordance with his letter of
appointment until the Retirement Date, details of which are set out
in the Company's 2017 Remuneration Policy Report on page 135,
available at www.derwentlondon.com
Robert Rayne is not eligible for any bonus payments and does not
participate in the Company's Long-Term Incentive Plans.
John Burns
John Burns will remain Chief Executive until 17 May 2019, when
he will become the Non-Executive Chairman for which he will receive
a fee of GBP250,000 per annum. He will also receive a contribution
to his office expenses. From 17 May 2019, John will not be eligible
to participate in the Annual Bonus Plan and will not receive any
future grants under the Company's Long-Term Incentive Plans.
Paul Williams
With effect from 17 May 2019, Paul Williams will receive a base
salary of GBP600,000 per annum. There are no other changes proposed
to Paul's benefits, bonus or Long-Term Incentive package.
Notes to editors
Derwent London plc
Derwent London plc owns 87 buildings in a commercial real estate
portfolio predominantly in central London valued at GBP5.0 billion
(including joint ventures) as at 30 June 2018, making it the
largest London-focused real estate investment trust (REIT).
Our experienced team has a long track record of creating value
throughout the property cycle by regenerating our buildings via
development or refurbishment, effective asset management and
capital recycling.
We typically acquire central London properties off-market with
low capital values and modest rents in improving locations, most of
which are either in the West End or the Tech Belt. We capitalise on
the unique qualities of each of our properties - taking a fresh
approach to the regeneration of every building with a focus on
anticipating tenant requirements and an emphasis on design.
Reflecting and supporting our long-term success, the business
has a strong balance sheet with modest leverage, a robust income
stream and flexible financing.
Landmark schemes in our 5.5 million sq ft portfolio include
White Collar Factory EC1, Angel Building EC1, The Buckley Building
EC1, 1-2 Stephen Street W1, Horseferry House SW1 and Tea Building
E1.
In 2018 to date the Group has won Property Week Property Company
of the Year and EG Offices Company of the Year, whilst White Collar
Factory scooped RIBA National and London awards, RICS National and
London awards, two BCO awards for Commercial Workplace and
Innovation, an EG Creative Places award and an NLA Wellbeing award.
25 Savile Row also won RIBA National and London awards and SKA Gold
for the fit-out. In 2017 the Group collected the Property Week
Developer of the Year award and EG Offices Company of the Year and
won further awards from RIBA, Civic Trust and BCO. In 2013 Derwent
London launched a voluntary Community Fund and has to date
supported 70 community projects in Fitzrovia and the Tech Belt.
The Company is a public limited company, which is listed on the
London Stock Exchange and incorporated and domiciled in the UK. The
address of its registered office is 25 Savile Row, London, W1S
2ER.
For further information see www.derwentlondon.com or follow us
on Twitter at @derwentlondon
Forward-looking statements
This document contains certain forward-looking statements about
the future outlook of Derwent London. By their nature, any
statements about future outlook involve risk and uncertainty
because they relate to events and depend on circumstances that may
or may not occur in the future. Actual results, performance or
outcomes may differ materially from any results, performance or
outcomes expressed or implied by such forward-looking
statements.
No representation or warranty is given in relation to any
forward-looking statements made by Derwent London, including as to
their completeness or accuracy. Derwent London does not undertake
to update any forward-looking statements whether as a result of new
information, future events or otherwise. Nothing in this
announcement should be construed as a profit forecast.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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