St Modwen appoints Mark Allan as CEO

In a statement on Thursday, the company said Allan will join on 1 November, as CEO designate, ensuring time for a handover of responsibilities. The appointment concludes a detailed search process following the announcement made on 2 February that Bill Oliver, St Modwen's current Chief Executive, will retire on 30 November.

Allan joins St Modwen from Unite Group where he has been CEO since September 2006. He joined Unite in 1999 from KPMG and has held a number of finance and commercial roles in the business, including chief financial officer from 2003 to 2006.

Commenting on the appointment, Bill Shannon, chairman of St Modwen, said: "Mark Allan has an impressive track record and is highly regarded in the listed property sector. I am certain that under his leadership the company will continue to build on its unrivalled regeneration expertise and proven ability to realise value from its extensive land bank. The timing of this appointment allows for a smooth handover process and we look forward to welcoming Mark to the Board."

Mark Allan said: "St Modwen has a well-earned reputation as the UK's leading regeneration specialist and I am excited by the prospect of working with the Board, senior management team and staff to build on the Company's strong foundations and to lead the business in the continued execution of its strategy."

At 1627 BST, St Modwen's share price was up 9.40 or 3.12% to 310.40p.