LSL Property Services PLC Board and Committee Changes (5724L)
May 01 2020 - 2:00AM
UK Regulatory
TIDMLSL
RNS Number : 5724L
LSL Property Services PLC
01 May 2020
For Immediate Release 1(st) May 2020
LSL Property Services plc ("LSL" or "The Group")
Board and Committee Changes - LSL Property Services plc
announces appointment of new Group Chief Executive Officer
The Board of LSL announces that David Stewart has been appointed
Group Chief Executive Officer with effect from 1(st) May 2020.
David joined the Board of LSL as a Non Executive Director in May
2015, and has chaired the Audit & Risk Committee since April
2016. He served as Chief Executive of Coventry Building Society
between July 2006 and March 2014, a period that included the Global
Financial Crisis, having previously performed the roles of Finance
Director and Operations Director. Prior to that, he has held a
number of Board positions in financial services businesses.
David has ceased to serve as a member of LSL's Board Committees
and will be replaced by Bill Shannon as Chair of the Audit &
Risk Committee. Bill is a Chartered Accountant and also LSL's
Deputy Chair, Senior Independent Director and Chair of the
Remuneration and Nominations Committees. As a result of the
changes, Bill will cease his role as Chair of the Nominations
Committee and be replaced by Simon Embley, LSL's Non Executive
Chairman.
In relation to David's other appointments, David will retain his
role as Chair of the Enra Group of companies(1) .
Ian Crabb, current Group Chief Executive Officer, will leave the
business at the end of April 2020 and will be available to assist
the handover of the role to David for a number of months.
The business has performed well under Ian's leadership and in
recent years has outperformed its principal competitors. Ian leaves
the business at a time when it has strong positions in its core
markets of estate agency, surveying and financial services with a
highly regarded management team, together with a strong balance
sheet and low levels of gearing.
Commenting on the Board changes, Simon Embley, Non Executive
Chair of LSL, said: "I am delighted that David Stewart has agreed
to take on the role of Group CEO. Since joining the Board in 2015
he has made a very significant contribution to our strategy as well
as to our governance framework as Chair of the Audit & Risk
Committee.
David is an experienced Chief Executive, with a track record of
success both in growing businesses and in managing during periods
of uncertainty. His detailed knowledge of financial services will
be invaluable as we seek to continue to build our capability in
this sector, whilst maximising the potential of our estate agency
and surveying operations. Having worked closely with him, I am
confident he is the right person to take the Group forward.
I also want to place on record the Board's thanks and my
personal appreciation for the part Ian Crabb has played in the
Group's development since he joined us in 2013 , Ian has always
acted with the highest standards of integrity and professionalism,
and I wish him every future success."
Commenting, David Stewart said: "I'm delighted to lead LSL. We
have a significant opportunity to grow our financial services
business and to capitalise on leading positions in estate agency
and surveying. I look forward to working with an outstanding
management team to realise the Group's potential and deal
effectively with the impact of the Covid-19 virus."
There is no further information to be disclosed in accordance
with Listing Rule 9.6.13.
For further information, please contact:
Adam Castleton, Group Chief
Financial Officer
LSL Property Services plc 0207 382 0360
Helen Tarbet / Simon Compton 07872 604 453 / 07979 497 324
Buchanan 0207 466 5000
Note:
1. David Stewart is currently a Non Executive Director of Marks
& Spencer Financial Services plc, Marks and Spencer Unit Trust
Management Limited, Brooks Macdonald PLC and the Enra Group of
companies. David is to step down from the Boards of Marks &
Spencer Financial Services plc, Marks and Spencer Unit Trust
Management Limited and Brooks Macdonald PLC and he is retaining his
appointment as Non- Executive Chair of the Enra Group of
companies.
Notes on LSL
LSL is a leading provider of residential property services in
three key markets: estate agency, financial services and surveying
and valuation services. Services to consumers include: residential
sales, lettings, land and new homes, surveying, conveyancing
support, mortgage and non-investment insurance brokerage and
intermediary network services. Services to mortgage lenders
include: valuations and panel management services, and asset
management and property management services. For further
information, please visit LSL's website: lslps.co.uk
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END
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