St Modwen chief executive to step down

The chief executive of St Modwen Properties, Mark Allan, is set to leave the firm to become CEO of Land Securities Group.

Allan will leave St Modwen at the end of May 2020, while the board now begins to find his successor.

Danuta Gray, non-executive chair of St Modwen, said: “Whilst we will be disappointed to see Mark leave, we have achieved an enormous amount over the past three years while he has been in post.

“We now have a clear strategy focused on sectors with strong structural growth characteristics, an aligned and talented management team in place to deliver, plenty of financial capacity and a deep pipeline of opportunities, all of which continue to underpin our growth ambitions.

“I would personally like to thank Mark for everything that he has achieved over the past three years and for his support to me over the past twelve months. The board and I wish him well in his new role.”

Allan said: “I am very proud of what we have achieved at St Modwen over the past three years. We have repositioned the portfolio towards stronger growth sectors and substantially reduced our exposure to more challenging sectors such as retail and London residential land in a timely manner. In the process we disposed of nearly half our initial portfolio and substantially reduced our borrowing, creating financial capacity to grow.

“We have a strong team in place, good momentum in the performance of the business and I have every confidence that St Modwen will go from strength to strength.

“Landsec is an iconic property company with a fantastic heritage and I am delighted to have the opportunity to lead it. The world of Real Estate is undergoing significant change and I am confident, with the skills and experience already in place, that great opportunities lie ahead. I am looking forward to working with everyone at Landsec, the Board and its partners and customers.”