Derwent London PLC Board Change (7110V)
11 August 2020 - 4:01PM
UK Regulatory
TIDMDLN
RNS Number : 7110V
Derwent London PLC
11 August 2020
Derwent London plc (the "Company")
Board CHANGE
Derwent London ("The Company") announces that Simon Silver,
Executive Director, has informed the Board of his intention to
retire from the Board with effect from 26 February 2021. On
stepping down from the Board, Simon will continue to support the
business as a consultant, until 31 December 2022.
Simon is the co-founder of Derwent London and has been a
Director since 1986. Although Simon will continue to work closely
with Derwent London until 2022, the Board wishes to extend its
gratitude to him for his dedication and service in developing the
Derwent London brand and its reputation for leading progressive
design over the past 35 years.
John Burns, Chairman, commented: "Simon has evolved the Derwent
London brand for over 35 years starting with 4,000 sq ft in
Islington to recently completing 380,000 sq ft at 80 Charlotte
Street. He has brought cutting edge design to every project with
his eye for detail and creativity, making Derwent's buildings
exciting and instantly recognisable. As both a colleague and friend
he is exceptional. His understanding of the central London office
market is outstanding and he has worked extensively to share those
skills across the Derwent London team for many years. I am
delighted that he has agreed to continue in an advisory role and
wish him a long and happy retirement."
Paul Williams, Chief Executive, commented: "I would like to add
my thanks to Simon for his important contribution over the last 35
years. It has been a privilege to work with him for all this time.
I look forward to his continued contribution over the next two
years as he works alongside our talented team creating the next
generation of office space."
- ends -
For further information, please contact:
Derwent London Paul Williams, Chief Executive
Tel: +44 (0)20 7659 3000 David Lawler, Company Secretary
Quentin Freeman, Head of Investor
Relations
Brunswick Group Simon Sporborg
Tel: +44 (0)20 7404 5959 Nina Coad
Further information:
The information set out below is provided in accordance with
section 430(2B) of the Companies Act 2006.
Simon Silver
There is no payment for loss of office on Simon Silver ceasing
to be a Director. Simon Silver is expected to remain as a Director
of the Company until his retirement on 26 February 2021 (the
"Retirement Date").
Simon Silver will continue to receive his base salary, benefits
and bonus for the year ending 31 December 2020. His remuneration
will be subject to a pro rata reduction for the period 1 January
2021 to the Retirement Date. For the purposes of Long-Term
Incentive Plan awards, Simon Silver has been classified as a good
leaver. Accordingly, awards will continue and remain capable of
vesting at the normal vesting date. Vesting will depend on the
extent to which the performance conditions have been satisfied and
will be subject to a pro rata reduction for time served during the
vesting period. A two year holding period will apply to any awards
that vest.
From his Retirement Date, and whilst acting as a consultant,
Simon Silver will not be eligible to participate in the Annual
Bonus Plan and will not receive any future grants under the
Company's Long-Term Incentive Plans.
Full details of Simon Silver's remuneration as a Director for
the 2020 and 2021 financial years will be included in the relevant
Directors' Remuneration Reports.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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