Derwent London PLC Board Change (7110V)

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RNS Number : 7110V

Derwent London PLC

11 August 2020

Derwent London plc (the "Company")

Board CHANGE

Derwent London ("The Company") announces that Simon Silver, Executive Director, has informed the Board of his intention to retire from the Board with effect from 26 February 2021. On stepping down from the Board, Simon will continue to support the business as a consultant, until 31 December 2022.

Simon is the co-founder of Derwent London and has been a Director since 1986. Although Simon will continue to work closely with Derwent London until 2022, the Board wishes to extend its gratitude to him for his dedication and service in developing the Derwent London brand and its reputation for leading progressive design over the past 35 years.

John Burns, Chairman, commented: "Simon has evolved the Derwent London brand for over 35 years starting with 4,000 sq ft in Islington to recently completing 380,000 sq ft at 80 Charlotte Street. He has brought cutting edge design to every project with his eye for detail and creativity, making Derwent's buildings exciting and instantly recognisable. As both a colleague and friend he is exceptional. His understanding of the central London office market is outstanding and he has worked extensively to share those skills across the Derwent London team for many years. I am delighted that he has agreed to continue in an advisory role and wish him a long and happy retirement."

Paul Williams, Chief Executive, commented: "I would like to add my thanks to Simon for his important contribution over the last 35 years. It has been a privilege to work with him for all this time. I look forward to his continued contribution over the next two years as he works alongside our talented team creating the next generation of office space."

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For further information, please contact:

 
 Derwent London               Paul Williams, Chief Executive 
  Tel: [phone]     David Lawler, Company Secretary 
                               Quentin Freeman, Head of Investor 
                               Relations 
 
   Brunswick Group              Simon Sporborg 
   Tel: [phone]     Nina Coad 
 

Further information:

The information set out below is provided in accordance with section 430(2B) of the Companies Act 2006.

Simon Silver

There is no payment for loss of office on Simon Silver ceasing to be a Director. Simon Silver is expected to remain as a Director of the Company until his retirement on 26 February 2021 (the "Retirement Date").

Simon Silver will continue to receive his base salary, benefits and bonus for the year ending 31 December 2020. His remuneration will be subject to a pro rata reduction for the period 1 January 2021 to the Retirement Date. For the purposes of Long-Term Incentive Plan awards, Simon Silver has been classified as a good leaver. Accordingly, awards will continue and remain capable of vesting at the normal vesting date. Vesting will depend on the extent to which the performance conditions have been satisfied and will be subject to a pro rata reduction for time served during the vesting period. A two year holding period will apply to any awards that vest.

From his Retirement Date, and whilst acting as a consultant, Simon Silver will not be eligible to participate in the Annual Bonus Plan and will not receive any future grants under the Company's Long-Term Incentive Plans.

Full details of Simon Silver's remuneration as a Director for the 2020 and 2021 financial years will be included in the relevant Directors' Remuneration Reports.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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August 11, 2020 02:01 ET (06:01 GMT)