Board changes

RNS Number : 7708K

Grainger PLC

26 April 2010

 



26 April 2010

Grainger plc ('Grainger'/ the 'Company'/ the 'Group')

Grainger  strengthens its management team with the appointment of three executive directors to its Board

Grainger plc, the UK's largest listed specialist residential property owner and manager, today announces the appointment of three new executive directors to its Board.

Nick Jopling will join Grainger as Executive Director responsible for property and real estate matters. Nick is currently Head of Residential at CB Richard Ellis where he also chairs the UK Development Board and the European Residential Group. Prior to joining CB Richard Ellis in 2004, Nick was Managing Director of Allsop & Co Residential Investment Management Business for five years growing it to manage a portfolio of some 4,500 units. He is a well known figure in residential circles, was a founding member of the IPD Residential Index Committee and is a member of the British Property Federation Residential Committee.

Mark Greenwood will join the Board as Finance Director.  Mark has worked in finance since 1982 and held a number of senior positions within Alfred McAlpine Plc from 1989 to 2008. In particular from 1999 he served as Finance Director of the Special Projects Division and subsequently the Project Services Business team which included joint venture relationships and PFI investments. He acted as Group Finance Director from 2007 until its takeover in 2008.

The Board is also pleased to announce that Peter Couch is appointed to the Board, effective 1 June 2010, as Executive Director responsible for Grainger's Retirement Solutions business. He will continue to act as Chief Operating Officer, a position he was appointed to in 2009. Peter joined Grainger in 2005 and since that time he has grown the Retirement Solutions business to become a market leader with some £480 million of assets. The business has been Mortgage Solutions Best Home Reversion Provider for four successive years. Prior to joining Grainger, Peter spent most of his career in the financial services sector and held several senior roles within the AMP Group including Managing Director of 'In Retirement Services' at NPI and Sales Director at AMP Bank.

The commencement dates for Nick and Mark will be confirmed in due course. All appointments are subject to final FSA approval.

Peter Couch currently owns 72,542 shares in the Company.

There is no further information required to be disclosed pursuant to Listing Rule 9.6.13R.

Commenting, Andrew Cunningham, Chief Executive, said;

"We are very pleased to be welcoming people of such strong calibre to the Grainger Board. These are proven, experienced individuals who will provide a great combination of residential, financial and operational expertise to the Company."

Robin Broadhurst, Chairman, said;

"Grainger's recent refinancing and successful rights issue has put the Group in a strong position to take advantage of the opportunities that will arise as we emerge from recession. We have a unique portfolio of properties, considerable financial strength and an outstanding team already in place. I am confident that this new management and leadership team, working with Andrew, will continue to drive the business forward."

Enquiries:       

Grainger plc	Financial Dynamics
Andrew Cunningham/Dave Butler	Stephanie Highett/Dido Laurimore/Jamie Robertson
Tel: [phone] Tel: [phone]	Tel: [phone]

 

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