Director Change

RNS Number : 4953U

Land Securities Group PLC

03 December 2013

 



3 December 2013

Richard Akers to step down from Land Securities Board

Land Securities announces that Richard Akers has notified the Company of his intention to step down from the Board. After a nearly two decade career with the Company during which time he substantially re-shaped the Retail Portfolio, he will leave the business at the end of the financial year on 31 March 2014.

Commenting on his decision, Richard Akers said:

"I have had a wonderful and successful career at Land Securities and I am delighted that our achievements include great developments and the nurturing of a talented team. The business is in excellent shape and has a strong pipeline of leadership for the future.  From a personal perspective, now is the right time for me to move on and fulfil my plan to diversify my interests into a portfolio of roles."

Richard Akers joined Land Securities in 1995 and was appointed to the Board in 2005, initially as Managing Director of its Retail Portfolio. Under his leadership, the Company has cemented very strong relationships with retailers, been a driving force in the retail property sector and its portfolio has consistently outperformed the index for retail property in the UK.

Robert Noel, Chief Executive said:

"Richard has made an outstanding contribution to Land Securities during his time in the business. He has been unrelenting in driving the Company forward and his experience and counsel have been invaluable. I wish him all the best for the next stage in his career."

Richard Akers' position as Executive Director will not be replaced directly at Board level. Land Securities will establish an Executive Committee to oversee the Company's operations, comprising the Chief Executive, the Chief Financial Officer, the General Counsel, the Human Resources Director and two new roles, Managing Director, Retail Portfolio and Managing Director, London Portfolio.  Scott Parsons has been appointed Managing Director, Retail Portfolio and Colette O'Shea appointed Managing Director, London Portfolio.

Scott Parsons has been Head of Property in the London Portfolio since 2010. Prior to that, he held leadership positions at GE Capital, Brookfield Asset Management and Lloyds Banking Group.  Colette O'Shea is currently Head of Development in the London Portfolio. She joined Land Securities in 2003 and is responsible for delivering the Company's extensive current development programme in London including the transformation of Victoria, SW1. Prior to joining Land Securities she was Head of Estates at The Mercers' Company.

Robert Noel said:

"Scott and Colette are both outstanding leaders and the appointments demonstrate the strength of talent at Land Securities."

Richard Akers will remain in post until the end of the current financial year, 31 March 2014, to ensure a smooth transition of his responsibilities. He will receive payments relating only to his contribution and performance as Executive Director up to that date.

-Ends-

Notes to editors:

1.   The payments that Mr Akers will receive comprise the following:

a.    A bonus for the financial year 2014, which will be calculated in accordance with targets set at the beginning of the year.  Depending on the amount of the award, a proportion will be paid in shares that are required to be held for between one and two years.

b.    The accelerated vesting of all outstanding deferred bonus share awards from previous years.  These share awards are comprised of shares purchased from the proceeds of bonuses awarded to Mr Akers in previous years.

c.    The accelerated vesting of long-term incentive plan share awards made in 2011 and 2012, pro-rated to his departure date and subject to the performance conditions under the rules of the scheme.

d.    The opportunity to exercise a small number of options relating to the Company's all employee save as you earn share scheme.

e.    Mr Akers has undertaken to hold all shares awarded until the date they would ordinarily have vested.

2.   Mr Akers will receive his salary and benefits as normal until 31 March 2014 but no further salary payments, or payments in lieu, after that date. 

Land Securities is the UK's largest commercial property company and a member of the FTSE 100.  The company owns and manages more than 26 million sq ft of property, from shopping centres to offices, valued in excess of £11.7 billion.

For further information, please contact:

Land Securities Group PLC

Press                                                                         

Duncan Bonfield / Molly Neal                                     

T: [phone] / 5460          
www.landsecurities.com

 

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