Board Changes

RNS Number : 2265M

LSL Property Services

22 August 2013

 



For immediate release

22 August 2013

LSL Property Services PLC

Board changes

LSL Property Services PLC ("LSL"), a leading provider of residential property services incorporating estate agency and surveying businesses, today announces the following Board changes, having conducted a thorough succession planning and search process.

Ian Crabb will join LSL as Group Chief Executive on 9 September 2013.  Ian was most recently Executive Chairman of Learndirect, where he worked closely with Lloyds Development Capital on Learndirect's growth strategy. Previously, Ian was Chief Executive of Quadriga Worldwide, Europe's market leader in digital IP communication and entertainment services for hotels, where he was responsible for expanding the business into 50 countries. Over the seven year period of his stewardship, which included the 2007 sale of the company by Terra Firma, the business consistently over-achieved against demanding financial targets.  

Earlier, Ian was a member of the Industrial Advisory Board at Permira Advisers LLP and worked on major transactions including the €640m buy out of Hogg Robinson. Prior to this he was Chief Executive of IKON Office Solutions, the document management and office products provider for six years, delivering significant growth both organically and through several acquisitions.  

Simon Embley, who has been Group Chief Executive of the business for 12 years, had indicated his intention to hand over the role and will  from 9 September 2013 move to a new role of Deputy Chairman.  As part of this new role, his priority will be to ensure a smooth handover to the new Group Chief Executive and to maintain focus on the execution of LSL's existing strategy to continue delivering shareholder value as the market recovers.

Commenting on the Board changes, Roger Matthews, Chairman, said:

"The proposed changes reflect the Board's desire to implement an orderly succession to a new Group Chief Executive whilst retaining Simon's significant knowledge of the residential property market and, in particular, maintaining key client and industry relationships. The business is in a strong position to deliver shareholder value and to embark on the next phase of its development as the market recovers."

Simon Embley, Group Chief Executive, added:

"I am delighted to welcome Ian as Group Chief Executive and I look forward to working with him as we continue to grow and develop LSL. Ian has a wealth of experience in growing entrepreneurial businesses in both B2B and B2C markets and is therefore the ideal candidate to enable LSL to capitalise on the market recovery."

Ian Crabb, commenting on his appointment, said:

"I am delighted to be joining LSL at this exciting stage in its development. I look forward to working with Simon and the team to continue to grow and develop the business from the strong platform in place."

There is no further information to be disclosed in accordance with Listing Rule 9.6.13.

For further information, please contact:

Simon Embley, Group Chief Executive

Steve Cooke, Group Finance Director                    

LSL Property Services plc                                                                                                              0207 382 0360

Richard Darby, Sophie McNulty, Helen Greenwood

Buchanan                                                                                                                                            0207 466 5000

www.buchanan.uk.com

Notes to Editors:

About LSL

LSL is a leading provider of residential property services to its key customer groups.  Services to consumers include: residential sales, lettings, surveying, and advice on mortgages and non-investment insurance products. Services to mortgage lenders include: valuations and panel management services, asset management and property management services. For further information, please visit LSL's website: www.lslps.co.uk

Additional biographical information - Ian Crabb

1977-1980: University of Oxford

1980-1983: Arthur Andersen, Chartered Accountant (ICAEW)

1983-1985: Harvard Business School (MBA)

1985-1991: Bain & Co

 

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