Business
Marsh & Parsons Update
Marsh & Parsons Update.
About this update from Lsl Property Services Plc
[{"type":"text","content":"\n \nRNS Number : 9650S LSL Property Services 23 March 2016 \n\n\n\n\n\nFor immediate release\n\n\n23rd March 2016\n\n\n\n\n \nLSL Property Services plc\n(\"LSL\" or the \"Company\")\n \nPeter Rollings to retire as CEO of Marsh & Parsons\nDavid Brown appointed as new CEO of Marsh & Parsons\n \nPeter Rollings, who currently serves as Marsh & Parsons Chief Executive Officer, has decided to retire from his current role. Commenting on his decision to retire, Peter Rollings said \"Over the course of the last eleven years, I have been fortunate to be CEO of Marsh & Parsons and to grow the business to be one of London's leading estate agencies. The business is very well positioned for further growth and I am delighted to be able to continue to work with the Marsh & Parsons and LSL teams as a brand ambassador for the next two years.\"\nIan Crabb, Group CEO of LSL said \"Peter, since his appointment as CEO of Marsh & Parsons in 2005, has made a substantial contribution to the growth of the business and, since LSL's acquisition of Marsh & Parsons in 2011, Peter has successfully expanded the business, the team and its iconic brand across London, including increasing the number of branches from 13 to 25. On behalf of the LSL Board, I would like to take this opportunity to thank Peter for his substantial contribution to Marsh & Parsons.\"\nLSL is pleased to announce the appointment of David Brown as CEO of Marsh & Parsons with effect from today. David has 32 years' experience in all areas of the property industry and has been with LSL for 24 years. David started and ran LSL's Corporate Services Division between 2008 and 2014. Since 2014, David has run LSLi which comprises 9 estate agency businesses with 58 offices in London and South-East England.\nWhen LSL acquired Marsh & Parsons in 2011 Peter Rollings as a management shareholder was incentivised to stay and continue to grow the business by the investment in Growth Shares and the receipt of a loan note (2011 Loan Note). Marsh & Parsons articles of association includes a put option, which Peter has exercised and which results in the transfer of his Growth Shares to LSL. The exercise also results in the redemption of the 2011 Loan Note.\nIn consideration of Peter's retirement and his on-going role as a brand ambassa...