For Immediate Release 1st 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 1st 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 companies1.
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
0207 466 5000
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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