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RNS Number : 6531F

Development Securities PLC

24 February 2015

24(th) February 2015

Michael Marx announces decision to stand down from his role as Chief Executive

Matthew Weiner, Executive Director, to become Chief Executive and Richard Upton, Executive Director to become Deputy Chief Executive

Development Securities today announces that after 21 years of service on the main Board, Michael Marx will stand down from his position as Chief Executive at the AGM on 14(th) July 2015. Michael will be succeeded by Matthew Weiner as Chief Executive, who has served as a main Board director for 10 years. Richard Upton, formerly Chief Executive of Cathedral and a main Board director of Development Securities will be appointed as Deputy Chief Executive with Marcus Shepherd continuing as Finance Director. Following the AGM, Michael will remain on the Board as a Non-executive Director until 29(th) February 2016.

David Jenkins, Chairman of Development Securities said: "I would like to thank Michael for his outstanding contribution as Chief Executive. Under his leadership, Development Securities has grown into one of the UK's leading regeneration developers.

The Board was unanimous in its decision to appoint Matthew as Chief Executive. Matthew has been pivotal to the success of the business in recent years and will be supported by a strong management team including Richard Upton and Marcus Shepherd. I am confident that this team is best placed to deliver the full potential of this business."

Michael Marx, Chief Executive, Development Securities said: "I have thoroughly enjoyed my 21 years of service at Development Securities. It has been a privilege to work with such an experienced team and I am proud of the achievements and progress that have been made. Matthew is one of the most talented real estate professionals in the sector and I have no doubt that under his leadership, the Company will continue to thrive."

Matthew Weiner, Executive Director, Development Securities said: "I am delighted to be stepping into the role of Chief Executive and excited to be working alongside Richard and Marcus as we look to continue the good progress that we have reported today. The acquisition of Cathedral has expanded the opportunities for the combined group and we are in great shape for the future. I am confident that the new leadership team has the right combination of ambition and expertise to take the expanded business to a higher level and I look forward to leading this exciting new chapter in the growth of our Company."

For further information, please contact:

Lucy Grimble/Matthew Weiner/Michael Marx, Development Securities PLC

020 7828 4777

Peter Hewer, Tulchan Communications

020 7353 4200

Notes to Editors

Matthew Weiner

Matthew Weiner was appointed to the Board in 2004 as an Executive Director. Following the capital raises in 2009 and 2010 which generated c.GBP200m of new equity, Matthew has been pivotal to the Company's strategy to deploy this capital into value enhancing real estate opportunities. This strategy has seen the portfolio significantly expand, diversifying risk over more than 40 new projects where the Company can apply its planning and development expertise to regenerate undervalued land and assets.

Upon his appointment as CEO, Matthew's salary will increase to GBP375,000 from GBP340,000.

Richard Upton

Richard Upton joined the Board of Development Securities as an Executive Director in 2014 following the acquisition of Cathedral Group. He was the CEO and co-founder of Cathedral Group, a specialist mixed-use regeneration developer established in 1998, and grew the Company into a market-leading player in public private partnership developments with a pipeline of more than 6 million sq. ft. and projects with a GDV of GBP2.4 billion.

Upon his appointment as Deputy CEO, Richard's salary will increase to GBP350,000 from GBP340,000.

Marcus Shepherd

Marcus Shepherd is Finance Director at Development Securities having joined the Company and been appointed to the Board in 2013. Prior to joining Development Securities, Marcus was Finance Director (Global Real Estate) at Aviva Investors.

Marcus' salary remains unchanged at GBP325,000.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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