Mark Allan, the current chief executive of St Modwen Properties, will take up his new role at the helm of Landsec on 1 May.
Allan, who revealed his final set of annual results for St Modwen this morning, was announced as Robert Noel’s replacement as chief executive of Landsec last November.
Noel steps down as chief executive on 31 March, and the group’s chief financial officer Martin Greenslade will be acting chief executive until Allan’s arrival.
Noel will complete his departure on 11 July, and as well as receiving his normal salary for the period, which amounts to £292,227, he will also be treated as a ‘good leaver’ and be eligible for a bonus for the full year to 31 March, but will not receive any additional bonus during his exit period.
Any bonus paid to Noel in excess of 50% of salary will be deferred into shares for one year and any bonus amount in excess of 100% of salary will be deferred into shares for two years. The remainder will be paid on the normal bonus payment date.