Watkin Jones plc CEO succession (8054B)
January 15 2018 - 2:00AM
UK Regulatory
TIDMWJG
RNS Number : 8054B
Watkin Jones plc
15 January 2018
For immediate release 15 January 2018
Watkin Jones plc
('Watkin Jones' or the 'Group')
CEO succession
Watkin Jones plc (AIM:WJG), a leading UK developer and
constructor of multi occupancy property assets, with a focus on the
student accommodation and build to rent sectors, today announces
that Mark Watkin Jones has notified the Board of his intention to
stand down as the Group's Chief Executive Officer once a suitable
successor has been appointed, following an orderly handover period.
For personal reasons, Mark is not able to undertake a full time
executive role over the longer term and he and the Board believe
that it is in the Group's best interests to recruit a
successor.
The Board will initiate a formal search process to identify a
new Chief Executive Officer and a succession timetable will be
announced once this process has been concluded. The Board is keen
to retain the benefit of Mark's valuable knowledge and experience
and the intention is that, following the transition, the Board will
look at how this might be achieved, including the option of him
becoming a Non-Executive Director of Watkin Jones.
Under Mark's leadership, Watkin Jones has gone through a
transformational period, a key part of which has been the
establishment and development of a strong senior management team
capable of supporting the Group's long-term growth aspirations. The
Board will be seeking a successor to Mark who can build on this
platform and maintain the Group's track record of profitable, cash
generative growth.
Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc,
said: "After careful consideration I have decided that it is
necessary for me to step back from my position as Chief Executive
Officer. The Group has reported record results today and with
excellent earnings visibility, Watkin Jones is in a strong position
to achieve continued success in both student accommodation and
build to rent. Solid foundations are in place for my successor to
work with, including an excellent management team that has
supported me over the years in successfully growing the business
and who will continue to drive Watkin Jones forward for the
long-term benefit of our shareholders."
Grenville Turner, Non-Executive Chairman of Watkin Jones plc,
said: "After 15 successful years at the helm, the Board understands
Mark's desire to relinquish the CEO position and the associated
demands of this role. Mark has played a pivotal part in shaping the
Watkin Jones strategy and success and has built an experienced and
stable leadership team who have increasingly taken on the
day-to-day responsibility for the running of the business. The
Board would like to thank Mark for his enormous contribution and is
also delighted that he has indicated his willingness to continue to
support his successor and the business going forward. The search
for a successor will commence immediately and we will make a
further announcement upon completion of the formal search
process."
- Ends -
For further information:
Watkin Jones plc
Mark Watkin Jones, Chief Tel: +44 (0) 1248 362
Executive Officer 516
Phil Byrom, Chief Financial www.watkinjonesplc.com
Officer
Peel Hunt LLP (Nominated Adviser & Joint Corporate Tel: +44 (0) 20
Broker) 7418 8900
Mike Bell / Justin Jones / Matthew Brooke-Hitching www.peelhunt.com
Jefferies Hoare Govett (Joint Corporate Broker) Tel: +44 (0) 20
7029 8000
Max Jones / Will Souter www.jefferies.com
Media enquiries:
Buchanan
Henry Harrison-Topham / Richard
Oldworth Tel: +44 (0) 20 7466 5000
Jamie Hooper / Steph Watson
watkinjones@buchanan.uk.com www.buchanan.uk.com
Notes to Editors
Watkin Jones is a leading UK developer and constructor of multi
occupancy property assets, with a focus on the student
accommodation and build to rent sectors. The Group has strong
relationships with institutional investors, and a reputation for
successful, on-time-delivery of high quality developments. Since
1999, Watkin Jones has delivered more than 34,500 student beds
across 107 sites. In addition, Fresh Property Group, the Group's
specialist accommodation management company, manages more than
16,000 student beds on behalf of its institutional clients. Watkin
Jones has also been responsible for over 50 residential
developments, ranging from starter homes to executive housing and
apartments. The Group is now expanding its development and
management operations into the build to rent sector.
The Group's competitive advantage lies in its experienced
management team and business model, which enables it to offer an
end-to-end solution for investors, delivered entirely in-house with
minimal reliance on third parties, across the entire life cycle of
an asset.
Watkin Jones was admitted to trading on AIM in March 2016 with
the ticker WJG.L. For additional information please visit:
www.watkinjonesplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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