StockMarketWire.com - Developer and regeneration group St. Modwen Properties said that chief executive Mark Allan was leaving to take up the same role at Land Securities.

Allan would depart at the end of May 2020 and in the meantime would continue to play a full and active role in the business, the company said.

'The board will now begin the process to appoint a successor and the company will provide an update as and when appropriate,' it added.

Allan had also previous been CEO of student accommodation developer Unite.

'He has demonstrated strong management skills and the strategic insights that we believe will build on the strengths of our business today and be invaluable for the next phase of Landsec's evolution,' Land Securities chairman Cressida Hogg said.

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