Development Securities PLC Michael Marx to stand down as CEO (6531F)
24 February 2015 - 6:01PM
UK Regulatory
TIDMDSC
RNS Number : 6531F
Development Securities PLC
24 February 2015
24(th) February 2015
Michael Marx announces decision to stand down from his role as
Chief Executive
Matthew Weiner, Executive Director, to become Chief Executive
and Richard Upton, Executive Director to become Deputy Chief
Executive
Development Securities today announces that after 21 years of
service on the main Board, Michael Marx will stand down from his
position as Chief Executive at the AGM on 14(th) July 2015. Michael
will be succeeded by Matthew Weiner as Chief Executive, who has
served as a main Board director for 10 years. Richard Upton,
formerly Chief Executive of Cathedral and a main Board director of
Development Securities will be appointed as Deputy Chief Executive
with Marcus Shepherd continuing as Finance Director. Following the
AGM, Michael will remain on the Board as a Non-executive Director
until 29(th) February 2016.
David Jenkins, Chairman of Development Securities said: "I would
like to thank Michael for his outstanding contribution as Chief
Executive. Under his leadership, Development Securities has grown
into one of the UK's leading regeneration developers.
The Board was unanimous in its decision to appoint Matthew as
Chief Executive. Matthew has been pivotal to the success of the
business in recent years and will be supported by a strong
management team including Richard Upton and Marcus Shepherd. I am
confident that this team is best placed to deliver the full
potential of this business."
Michael Marx, Chief Executive, Development Securities said: "I
have thoroughly enjoyed my 21 years of service at Development
Securities. It has been a privilege to work with such an
experienced team and I am proud of the achievements and progress
that have been made. Matthew is one of the most talented real
estate professionals in the sector and I have no doubt that under
his leadership, the Company will continue to thrive."
Matthew Weiner, Executive Director, Development Securities said:
"I am delighted to be stepping into the role of Chief Executive and
excited to be working alongside Richard and Marcus as we look to
continue the good progress that we have reported today. The
acquisition of Cathedral has expanded the opportunities for the
combined group and we are in great shape for the future. I am
confident that the new leadership team has the right combination of
ambition and expertise to take the expanded business to a higher
level and I look forward to leading this exciting new chapter in
the growth of our Company."
For further information, please contact:
Lucy Grimble/Matthew Weiner/Michael Marx, Development Securities
PLC
020 7828 4777
Peter Hewer, Tulchan Communications
020 7353 4200
Notes to Editors
Matthew Weiner
Matthew Weiner was appointed to the Board in 2004 as an
Executive Director. Following the capital raises in 2009 and 2010
which generated c.GBP200m of new equity, Matthew has been pivotal
to the Company's strategy to deploy this capital into value
enhancing real estate opportunities. This strategy has seen the
portfolio significantly expand, diversifying risk over more than 40
new projects where the Company can apply its planning and
development expertise to regenerate undervalued land and
assets.
Upon his appointment as CEO, Matthew's salary will increase to
GBP375,000 from GBP340,000.
Richard Upton
Richard Upton joined the Board of Development Securities as an
Executive Director in 2014 following the acquisition of Cathedral
Group. He was the CEO and co-founder of Cathedral Group, a
specialist mixed-use regeneration developer established in 1998,
and grew the Company into a market-leading player in public private
partnership developments with a pipeline of more than 6 million sq.
ft. and projects with a GDV of GBP2.4 billion.
Upon his appointment as Deputy CEO, Richard's salary will
increase to GBP350,000 from GBP340,000.
Marcus Shepherd
Marcus Shepherd is Finance Director at Development Securities
having joined the Company and been appointed to the Board in 2013.
Prior to joining Development Securities, Marcus was Finance
Director (Global Real Estate) at Aviva Investors.
Marcus' salary remains unchanged at GBP325,000.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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