MJ Gleeson PLC Re Directorate (5995B)

TIDMGLE

RNS Number : 5995B

MJ Gleeson PLC

10 June 2019

MJ Gleeson plc

(GLE.L)

For immediate release

Re Directorate

The Board of MJ Gleeson plc ("Gleeson", "the Group" or "the Company") announces that Jolyon Harrison who joined the Board in July 2010 and was appointed Chief Executive Officer on 1 July 2012, has stepped down from the Board and left the Company with immediate effect.

Following extensive discussions with Mr Harrison regarding his remuneration and succession planning, the Board concluded that it was not possible to find a mutually acceptable basis for Mr Harrison to continue as Chief Executive Officer.

The Board announces that James Thomson will join the Board as Chief Executive Officer on an interim basis with immediate effect. Mr Thomson is formerly Chief Executive of Keepmoat Homes Ltd, a private equity owned housebuilder selling over 4,000 homes a year, and where Mr Thomson remains a non-executive director and shareholder.

The Board is initiating a search process, which will include both internal and external candidates, to identify a long-term CEO appointment.

Gleeson has a very strong management team comprising Stefan Allanson (Chief Financial Officer), Sarah Marsden (Gleeson Homes COO), Bryan Simpson (Gleeson Homes MD) and James Pitt (Gleeson Strategic Land Deputy MD). The Board believes that the Company is very well placed to continue to achieve strong growth in turnover and profits.

The Company is scheduled to issue its next trading update in early July and results for the year ended 30 June 2019 on 16 September 2019.

Meanwhile, the Board re-affirms its previous guidance that it anticipates the Group will deliver a result for the year in line with expectations.

ENDS

10 June 2019

Notes:

James Thomson was a director of DTZ Holdings plc (DTZ) from 8 August 2011 when he was promoted to Group Finance Director until the operational business of DTZ was sold as a going concern on 4 December 2011 to UGL Ltd. James remained as a Director of the DTZ Holdings plc, the holding company of DTZ, until it went into liquidation in September 2012. DTZ was listed on the London Stock Exchange and was majority owned by Saint George Participations SAS (SGP) with the remaining shares being widely held. In May 2011, DTZ had announced that it was in discussions with SGP about an offer for the whole of DTZ. On 17 October 2011, SGP announced that discussions between it and DTZ had been terminated and confirmed it would not be making an offer for DTZ. On 19 October 2011, DTZ announced the commencement of a formal sale process and a pre-agreed sale of the business in administration was considered necessary in order to sell the business as a going concern. On 4 December 2011, the Court appointed joint administrators of DTZ who then completed a sale of the business and assets of DTZ to a subsidiary of UGL Limited, an Australian listed property services group. DTZ subsequently went into creditors' voluntary liquidation on 2 October 2012, before being dissolved on 22 March 2017. No public criticism by any statutory or regulatory authority (including recognised professional bodies) or disqualification proceedings have been made or brought against James Thomson relating to his directorship of DTZ.

No further information is required to be disclosed pursuant to LR 9.6.13 R.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person responsible for arranging the release of this announcement on behalf of the Company is Stefan Allanson, Chief Financial Officer.

LEI: 21380064K7N2W7FD6434

Enquiries:

 
 Instinctif Partners     Tel: [phone] 
 Mark Garraway 
 

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June 10, 2019 02:00 ET (06:00 GMT)