St. Modwen announces that Bill Shannon, non-executive Chairman, has informed the Board of his intention to step down at the Company’s Annual General Meeting in March 2019.
The search for a new Chair will commence shortly with the intention that Bill’s successor be appointed later in 2018, before assuming the role formally with effect from the AGM in March 2019.
Bill joined the Board in October 2010 and has served as non-executive Chairman since March 2011. In the past two years he has overseen the appointment of a new Chief Executive and launch of a new, more focused strategy; the search for his successor begins with the Company in a strong position.
Commenting, Bill Shannon said:
“I have thoroughly enjoyed my time with St. Modwen and believe that the Company is well placed for the future. Mark Allan is now firmly established as Chief Executive following his appointment in December 2016, the business is performing well and we have a new, more focused strategy that I believe is appropriate to the current environment.
“It is therefore appropriate that the Board thinks ahead and plans for Chair succession. By announcing my intentions at this time, the Board will be able to approach the process in an orderly and timely manner to ensure that the right candidate is identified. In the meantime, I remain fully committed to the business and will continue to support the Board and management team in the delivery of our strategy.”