REG - Land Sec. Group PLC - Directorate Change

Land SecuritiesAnnouncement

09/09/2022 07:00

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RNS Number : 8275Y  Land Securities Group PLC  09 September 2022

 

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9 September 2022

 

Land Securities Group PLC (the "Company" or "Landsec")

Directorate Change

 

Landsec has today announced that Colette O'Shea will be leaving the
organisation as the business moves into the next phase of its growth strategy.

As Chief Operating Officer, Colette has supported Landsec CEO Mark Allan to
develop and implement his growth strategy since 2020, establishing new
structures and ways of working. As this strategy enters its next phase, there
will be an increased emphasis on operational autonomy within business units,
meaning the role of COO is no longer critical to its operations.

She will cease to be a Director of the Company on 30 September 2022 and then
step down from her role as Chief Operating Officer with effect from 31 March
2023 after a transitional period.

Colette has been an important part of Landsec's success, having joined in 2003
before becoming Managing Director of the London portfolio in 2014, joining the
Board in 2018 and becoming Chief Operating Officer in 2020. She has overseen
numerous projects in Landsec's portfolio including the flagship transformation
of Victoria.

Mark Allan, CEO Landsec said: "Landsec has been incredibly fortunate to have
someone of Colette's skills, focus and drive at its heart for such a period of
time. Over her time with us, few people have done more to reshape our
business, and with it, the city of London. Speaking personally, I am immensely
grateful for all the support she has shown me, particularly as I joined at the
start of the pandemic, which she helped us to navigate with typical clarity
and compassion."

Colette said:

"I'm proud of the time I've worked at Landsec and have enjoyed many great
opportunities and experiences. It has been a privilege to work on some
fantastic schemes and with some truly brilliant people across our various
teams. While I'll miss working alongside them, I know they will carry on going
from strength to strength and I look forward to seeing them, and Landsec,
continue to grow."

 

About Landsec

 

At Landsec, we build and invest in buildings, spaces and partnerships to
create sustainable places, connect communities and realise potential. We are
one of the largest real estate companies in Europe, with a £12 billion
portfolio of retail, leisure, workspace and residential hubs.

Landsec is shaping a better future by leading our industry on environmental
and social sustainability while delivering value for our shareholders, great
experiences for our guests and positive change for our communities.

Find out more at landsec.com

 

Please contact:

 Ed Thacker                                                      Sara Doggett
 +44 (0) 7887 825 869                                            +44 (0) 7834 431 258
 edward.thacker@landsec.com (mailto:edward.thacker@landsec.com)  sara.doggett@landsec.com (mailto:sara.doggett@landsec.com)

 

Section 430(2B) Companies Act 2006 Statement - Colette O'Shea

 

Remuneration details:

As required by section 430(2B) of the Companies Act 2006, details of the
remuneration payments made or to be made to Colette O'Shea are set out below.
These arrangements are consistent with the Company's Directors' Remuneration
Policy, which was approved by shareholders at the 2021 AGM.

Salary and benefits

Colette will continue to work in the business and will be available to assist
with a smooth transition until 31 March 2023. She will continue to be an
employee until the end of her notice period on 8 September 2023 and will
receive her salary and normal benefits during the remainder of her employment.

Bonus

Colette will be eligible to receive a bonus in respect of the 2023 financial
year. The amount of any bonus will reflect Colette's time served as Chief
Operating Officer, be subject to the satisfaction of the relevant performance
criteria and will be determined by the Remuneration Committee on the normal
timetable.

Colette's outstanding deferred bonus awards, which reflect past performance,
will continue and will vest on the normal vesting dates.

Share awards

Colette's outstanding unvested awards granted under the Company's long-term
incentive plan will vest on the normal vesting date, subject to the
satisfaction of applicable performance conditions and to time pro-rating. A
two year post-vesting holding period will apply as normal. To the extent that
awards, vest, dividend equivalents may be credited.

Colette's outstanding option under the Company's Sharesave plan will be
exercisable (to the extent of her savings as at the date of exercise) within
six months of the termination date.

Other payments

Colette will receive a statutory redundancy payment of £15,417 calculated in
accordance with applicable legislation and will be paid in lieu of any accrued
holiday that cannot be taken. She will also receive a contribution of up to
£15,000 (excluding VAT) in respect of legal fees and up to £70,000
(excluding VAT) in respect of outplacement support.

Further information

Colette will comply with the Company's post-cessation shareholding
requirements.

Other than the amounts disclosed above, Colette will not be eligible for any
remuneration payments or payments for loss of office.

In accordance with section 430(2B) of the Companies Act 2006, the information
contained in this document will be made available on the Company's website
until its next Directors' Remuneration Report is made available. The relevant
remuneration details relating to Colette will be included in the Directors'
Remuneration Report in the Annual Report and Accounts.

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