Directorate Change

RNS Number : 7454R

Grainger PLC

22 November 2012

 



22 November 2012

Grainger plc ("Grainger"/ the "Company")

GRAINGER APPOINTS SIMON DAVIES TO THE BOARD AS NON-EXECUTIVE DIRECTOR

Grainger plc, the UK's largest quoted residential property owner and manager, today announces the appointment of Simon Davies to its Board as a non-executive director. Simon (53) has over 30 years' experience in the investment industry gained in a number of senior roles at major firms, and brings with him deep knowledge of fund management and the City.

Simon is an experienced company director, having held positions with a number of other boards, including, Threadneedle Asset Management, where he was Chairman and Chief Executive, Thames Water Pensions, Sound Oil plc, the Investment Management Association, Cofunds Holdings Ltd and Zurich UK. Currently, Simon is Chairman of JP Morgan Overseas Investment Trust plc, a position he has held since 2010, having joined the board as a non-executive director in 1999. He is also a director of Intrinsic Financial Services.

Simon retired from the role of Executive Chairman at Threadneedle earlier this year after five years in the position, having previously been Chief Executive (1999-2007) and Chief Investment Officer (1995-1998). Threadneedle is a major international asset manager with significant property investments worth over £6 billion. Prior to joining Threadneedle, he spent eight years working for Gartmore Investment Management, latterly as Head of International Equities, and five years at NM Rothschild & Sons, where he started his career.

Simon holds a MA (Hons) in Engineering, Economics and Management from Brasenose College, Oxford University, and he is currently a member of the college's Investment Committee.

Simon Davies is considered independent on appointment under the provisions of the combined code. 

This appointment is subject to normal FSA confirmations.

There are no further details that are required to be disclosed in respect of the appointment under LR 9.6.13 R of the Listing Rules of the UK listing Authority.

Robin Broadhurst, Chairman of Grainger, commented:

"Simon is an experienced and well respected company director and we are delighted to welcome him to the Grainger Board. His track record of growing the property asset management arm of Threadneedle in his time as Chief Executive and Chairman will be invaluable to the Company as we continue our strategy of further diversifying our revenue streams and management on behalf of third parties, and I look forward to working alongside him as we position Grainger for another 100 years of growth."

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For further information:

Grainger plc	FTI Consulting
Kurt Mueller	Stephanie Highett/Dido Laurimore/Will Henderson
Tel: [phone] Tel: [phone]	Tel: [phone]

Grainger plc - company background information

Grainger plc is the UK's largest listed residential property owner and manager, with over £3.0bn of residential assets under management across the UK and Germany. Grainger generates income through:

·      Sales of properties when they achieve optimum valuations

·      Rent from its portfolio of tenanted properties

·      Fees for the management of residential properties and the provision of its expert services to select third party clients.

Additionally, Grainger is a leading provider of equity release products through its award-winning subsidiary brand, Bridgewater Equity Release.

Grainger was established in 1912 in Newcastle upon Tyne, where it remains headquartered. It has eight offices across the UK and Germany. Grainger is a constituent of the FTSE 250 on the London Stock Exchange and the FTSE4Good index. In 2012, Grainger was awarded the UK's Residential Asset Manager of the Year at the RESI Awards.

 

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