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LandSec poaches St Modwen CEO

Allan will take up the new role and become an executive director no later than 1 June 2020, receiving an annual base salary of £800,000 plus benefits

Land Securities - Land Securities appoints new boss
LandSec jointly developed the Walkie Talkie building, 20 Fenchurch Street, in London

Land Securities Group PLC (LON:LAND) has poached smaller rival St. Modwen Properties PLC's (LON:SMP) chief executive Mark Allan to replace current boss Robert Noel.

Allan, who has been at St Modwen for almost three years, will take up the new role no later than 1 June next year.

READ: LandSec slides to £147mln loss as property values subside

Allan joined the developer and regeneration specialist after ten years as CEO at student accommodation firm Unite Group PLC (LON:UTG).

FTSE 100-listed LandSec announced the departure of Noel in the summer, when he said it was “the right time” to move on, having secured “a growing pipeline and a clear strategy for the future”.

It recently revealed a swing to a £147mln loss before tax for the first half because of a hole in the value of its assets.

“Mark has been a highly successful chief executive of two companies in the property sector,” said chair Cressida Hogg in a release.

“He has demonstrated strong management skills and the strategic insights that we believe will build on the strengths of our business today and be invaluable for the next phase of Landsec's evolution.”

Quick facts: Land Securities

Price: 961 GBX

LSE:LAND
Market: LSE
Market Cap: £7.13 billion
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