30 January
2025
LSL Property Services plc
("LSL" or "Group")
APPOINTMENT OF CEO
DESIGNATE
LSL is
pleased to announce the appointment of Adam Castleton, currently
Group CFO, as CEO Designate, following David Stewart's notification
to the Board of his intention to retire from his Executive role and
the LSL Board.
Adam's appointment follows a
thorough process overseen by the Nominations Committee, conducted
by an external executive search organisation. The Board is
confident that Adam's deep knowledge of LSL's businesses - he has
been CFO since 2015 - coupled with his breadth of experience in
leadership roles, make him the right candidate to lead the Group
forward.
Adam joined LSL in 2015, bringing
with him previous experience in the public markets as Group CFO. He
previously held leadership roles at a number of market leading
companies including O2 UK, eBay, and The Walt Disney Company. Adam
has over 35 years' experience in corporate leadership roles, having
started his career with Price Waterhouse where he qualified as a
Chartered Accountant in 1989.
Adam will formally take up the CEO
position on 1 May 2025, following a transition and handover period
with David. The Nominations Committee has agreed a process to
identify and appoint a new CFO, and will make a further
announcement in due course. In addition, and subject to FCA
approval, the Board is pleased that David will remain with LSL as a
non-executive director of the Group companies forming our Financial
Services Network and trading as 'PRIMIS Mortgage Network', enabling
the Group to continue to benefit from his financial services
expertise. David will also continue as LSL's nominated
director for the Pivotal Growth joint venture companies.
As part of a broader strengthening
of LSL's governance framework, two of the existing LSL Board
members will take on additional responsibility in respect of two of
LSL's businesses. Michael Stoop, non-executive director, will
become chair of the Estate Agency Division, reflecting his decades
of expertise in estate agency and franchising which he has gained
from his roles at Winkworth, Legal & General, and Belvoir Group
plc. Darrell Evans, non-executive director, will chair the
Surveying and Valuation Division, drawing on his significant
experience gained at Co-operative Bank plc and Royal Bank of
Scotland plc. The governance arrangements for our regulated
Financial Services Division already has in place a non-executive
chair, John Lowe.
Adrian Collins, Non-Executive Chair,
commented:
"We are immensely grateful to David,
who during his tenure as CEO led the transformation of LSL to a
higher margin, less capital-intensive business that will perform
more consistently through market cycles. Under his
leadership, we have simplified and restructured our Financial
Services and Estate Agency businesses. Both are now focused on
business-to-business services with a significantly lower cost base
and the potential for higher free cash flow
generation.
"The Board is very confident in Adam
as the right person to lead LSL forwards, due to his detailed
knowledge of our business, his breadth and depth of experience in
corporate leadership and his close engagement with our investor
community.
"Today, LSL is a streamlined, agile
Group comprising three strong businesses,
each with attractive organic growth opportunities, and each
overseen by an experienced non-executive chair. Our focus now
is on maximising the performance of our businesses to deliver value
to shareholders."
For
further information, please contact:
This announcement contains inside
information.
Notes on LSL
LSL is one of the largest providers
of services to mortgage intermediaries and estate agent
franchisees.
Over 2,700 advisers representing
over 11% of the total purchase and remortgage market.
Its 62 estate agency franchisees
operate in 310 territories.
LSL is also one of
the UK's largest providers of surveying and valuation
services, supplying seven out of the ten largest lenders in
the UK.
For further information please visit
LSL's website: lslps.co.uk
LEI: 213800T4VM5VR3C7S706
