TIDMLAND
RNS Number : 3964D
Land Securities Group PLC
28 October 2020
Land Securities Group PLC
28 October 2020
New Board Appointment
Land Securities Group PLC (" Land Securities", "Landsec" or the
"Company") is pleased to announce that Vanessa Simms is to be
appointed as its next Chief Financial Officer ("CFO").
Vanessa is currently CFO of Grainger PLC, a role she has held
since February 2016, and Non-Executive Director and Audit Committee
Chair at Drax Group PLC. Prior to that, Vanessa held a number of
senior positions at other UK property companies, including Deputy
CFO at Unite Group PLC and UK finance director at SEGRO PLC. She
has over 20 years of experience in finance and extensive knowledge
of UK real estate.
Vanessa is expected to join the business, and become an
Executive Director at Landsec, by no later than 1 June 2021. She
will succeed Martin Greenslade who informed the Board in September
of his intention to step down as CFO during 2021.
Commenting on the appointment, Mark Allan, Chief Executive of
Landsec, said: "I am delighted that Vanessa is to join Landsec as
our next CFO, building on the strong foundations established by
Martin. She brings a valuable combination of expertise and
experience and I have been particularly impressed by the role she
has played in helping to deliver strategic change and business
transformation at Grainger in recent years. On behalf of the Board,
and all of my colleagues, I welcome Vanessa to Landsec and look
forward to working with her when she joins next year."
Vanessa Simms said: "I am delighted to be joining Landsec at
such a pivotal time. Mark and his colleagues set out a compelling
strategy and vision at their recent Capital Markets Day and I am
very much looking forward to being part of the Landsec team that
will deliver that strategy."
A further announcement will be made in due course to confirm
Martin Greenslade's leaving date.
Vanessa Simms is a non-executive director of Drax Group plc and
Chair of the Audit Committee. She was appointed to the board on 19
June 2018.There are no other matters to disclose under Listing Rule
9.6.13.
Ends
Remuneration Arrangements for Vanessa Simms
Vanessa Simms's remuneration arrangements will be in accordance
with Land Securities' Directors' Remuneration Policy (the
"Policy"), which was approved by shareholders at the Annual General
Meeting in July 2018.
1. Salary and benefits
Vanessa Simms will receive a base salary of GBP490,000 and
benefits including a car allowance (or equivalent cash supplement)
of GBP12,000, eligibility for private health care for her, her
spouse and dependent children, life assurance of 4x base salary and
ill health income protection of up to 66.7% base salary.
She will also receive a cash pension allowance of 10.5% base
salary, which is in line with the maximum pension rate applicable
to the wider workforce and recognises best practice under the UK
Corporate Governance Code and investor guidelines.
2. Bonus
Vanessa Simms will be eligible to participate in the Land
Securities Annual Bonus Scheme and for the 2021/22 financial year
she will have a maximum bonus opportunity of 150% of base salary,
subject to performance conditions being met, which will be
delivered in cash and deferred shares in accordance with the
Policy.
3. Share incentives
Vanessa Simms will be eligible to participate in the Land
Securities Long-Term Incentive Plan (the "LTIP") with a maximum
annual award of 300% of base salary, subject to performance
conditions being met which will be set in line with the Policy.
4. Replacement awards
In order to replace existing long term incentive awards from her
current employer that will lapse as a consequence of her
appointment with Land Securities, but were due to vest in 2020,
2021 and 2023, Vanessa Simms will receive a one-off transfer of
Land Securities shares of equivalent value to the original awards
that would have vested in 2020 under her current employer's long
term incentive plan and two nil-cost option awards (subject to
performance conditions) over shares in Land Securities of
equivalent value that will vest in 2021 and 2023 (i.e. broadly in
line with the vesting schedule for the original awards). The shares
subject to the one-off share transfer will be held by a nominee
selected by the Company for a holding period of two years . The two
nil-cost option awards will be granted on materially equivalent
terms to the rules of the LTIP, including malus and clawback and a
two-year post-vesting holding period. The extent to which the award
vests in 2021 will be measured by reference to the existing
performance conditions relating to her current employer based on
the disclosed financial results of Vanessa Simms's current
employer; and the outcome of the award vesting in 2023 will be
determined by the performance conditions of the LTIP.
As compensation for the annual bonus that would have been
received from her current employer, Vanessa Simms will receive a
replacement bonus of up to GBP300,000, repayable on a pro rata
basis if she leaves Land Securities within two years. 25% of
Vanessa Simms's net bonus will be deferred into shares in Land
Securities under the Land Securities deferred share bonus plan
("DSBP") for a period of three years.
As compensation for the loss of her existing deferred share
bonus awards granted by her current employer, Vanessa Simms will
receive a one-off transfer of Land Securities shares equivalent in
value to the original award that would have vested in 2020 under
her current employer's deferred bonus share plan and two nil-cost
option awards that will vest in 2021 and 2022 (i.e. in line with
the vesting schedule for the original awards). The two nil-cost
option awards will be granted on materially equivalent terms to the
rules of the DSBP, including malus and clawback, however they will
also be subject to a two year post-vesting holding period (in line
with her current employer's deferred bonus share plan).
5. Other
Vanessa Simms will be required to build up and maintain a
minimum shareholding equal to 200% base salary.
About Landsec
At Landsec, we strive to connect communities, realise potential
and deliver sustainable places.
As one of the largest real estate companies in Europe, our
GBP12.8 billion portfolio spans 24 million sq. ft (as at 31 March
2020) of well-connected retail, leisure, workspace and residential
hubs. From the iconic Piccadilly Lights in the West End and the
regeneration of London's Victoria, to the creation of retail
destinations at Westgate Oxford and Trinity Leeds, we own and
manage some of the most successful and memorable real estate in the
UK.
We aim to lead our industry in critical long-term issues - from
diversity and community employment, to carbon reduction and climate
resilience. We deliver value for our shareholders, great
experiences for our customers and positive change for our
communities.
Find out more at landsec.com.
For further information, please contact:
PressTulchan Group Investors
+44 (0)20 7353 4200 Ed Thacker
landsec@tulchangroup.com +44 (0)7024 5185
edward.thacker@landsec.com
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END
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