Harworth Group PLC RETIREMENT OF CHIEF EXECUTIVE (3599G)
17 March 2020 - 6:00PM
UK Regulatory
TIDMHWG
RNS Number : 3599G
Harworth Group PLC
17 March 2020
17 March 2020
LEI 213800R8JSSGK2KPFG21
Harworth Group plc
RETIREMENT OF CHIEF EXECUTIVE
Harworth Group plc ("Harworth" or the "Company"), a leading
regenerator of land and property for development and investment,
today announces that Owen Michaelson has advised the Board of his
intention to retire as Chief Executive of Harworth at the end of
December 2020 after 10 years leading the business.
Having originally taken over the management of UK Coal's real
estate activities when these were restructured as Harworth Estates
in 2010, Owen established an independent business specialising in
the regeneration and development of brownfield land. When the
Company took over the Harworth Estates business and relisted on the
London Stock Exchange in 2015, he became Chief Executive. Since
then, under his leadership, Harworth has developed into one of the
leading land and property regeneration companies in the UK, now
owning and managing a portfolio of c.18,000 acres of land on around
100 sites in the North of England and the Midlands with planning
consents for c.10,000 residential plots and c.9 million square feet
of commercial space and a market capitalisation that in January was
standing at over GBP500m.
The Board is commencing a process to appoint a successor and the
Company will provide an update as and when appropriate.
Commenting on the announcement, Alastair Lyons, Non-Executive
Chair of Harworth, said:
"In large part Harworth owes its existence to Owen. He seized
the regeneration potential of the former UK Coal collieries and, in
doing so, created a business that is now a leader in its field,
transforming former industrial sites and urban edge extensions into
new homes and employment areas across the breadth of the North of
England and the Midlands. Throughout the last 10 years, under
Owen's leadership, Harworth has remained true to its purpose,
investing to transform land and property into sustainable places
where people want to live and work, and in doing so has created
material value for our shareholders and a strong platform from
which to grow further. He will take with him our every good wish
for life after Harworth."
Speaking today, Owen Michaelson, Chief Executive of Harworth,
said:
"It has been a great privilege to work with such a strong and
dedicated team at Harworth and the success we have achieved is
testament to the focus and commitment of those individual team
members. When I started out on this journey, I always believed that
the role of Master Developer could be delivered at scale
successfully by the private sector. We have proven the business
model and it is now time for a new leader to take the business
forward to the next stage in its journey. It is only possible to
succeed in the regeneration sector if you respect and work closely
with all local stakeholders and I would like to thank all of our
partners for the trust they have put in the Harworth team."
The Company has today announced its preliminary results for the
year ended 31 December 2019.
-ENDS-
Enquiries:
Harworth Group plc FTI Consulting
Chris Birch, General Counsel and Dido Laurimore
Company Secretary
Iain Thomson, Head of Communications Richard Gotla
& IR
Eve Kirmatzis
Tel: +44 (0)114 349 3131 Tel: +44 (0)20 3727 1000
investors@harworthgroup.com Harworth@fticonsulting.com
ABOUT HARWORTH GROUP PLC
Listed on the premium segment of the main market, Harworth Group
plc (LSE: HWG) invests to transform land and property into
sustainable places where people want to live and work. Harworth
owns and manages a portfolio of approximately 18,000 acres of land
on around 100 sites located throughout the North of England and
Midlands (harworthgroup.com).
The information required to be published in accordance with
section 430(2B) of the Companies Act 2006 will be made available on
the Company's website in due course.
This announcement contains inside information. The person
responsible for making this notification is Chris Birch, General
Counsel and Company Secretary.
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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