Crest Nicholson : Board Changes January 2018

The Board of Crest Nicholson is pleased to announce the following changes to the Board:

• Patrick Bergin promoted to Chief Executive Officer ('CEO') with effect from the 22nd March 2018, the date of the Company's AGM;
• 
  
• Stephen Stone to become Executive Chairman with effect from the 22nd March 2018, the date of the Company's AGM, and Non-Executive Chairman from 1st April 2019;
• 
  
• William Rucker, Chairman will not stand for re-election as Non-Executive Chairman leaving the Board at Company's AGM;
• 
  
• Leslie Van de Walle appointed Deputy Chairman and Senior Independent Director of the Company with immediate effect;
• 
  
• Louise Hardy joins the Board as Non-Executive Director with immediate effect.

• As part of the succession planning process, Patrick Bergin was appointed Chief Operating Officer in January 2017 and the Board is delighted that he has now accepted the role of CEO. The Board is unanimous that it would be in the best interests of the Company for Stephen Stone's expertise to remain within Crest Nicholson and, following an extensive consultation with major shareholders, has asked Stephen to become Chairman. Stephen will act in an Executive capacity for the first 12 months but will move to become Non-Executive from 1 April 2019.

  William Rucker who has been Chairman of the Board since September 2011 will therefore not seek re-election at the forthcoming AGM.

  Leslie Van de Walle will join the Board as Deputy Chairman and Senior Independent Director with immediate effect. Leslie has a very wide range of international senior management business experience including having been Chief Executive at both United Biscuits plc and Rexam plc. He is Senior Independent Director and Chairman of the Remuneration Committee of DCC plc and Non-Executive Chairman of Robert Walters plc having previously held the role of Chairman at both SIG plc and Weener Plastick Gmbh and as Non-Executive Director at CAPE plc. As well as acting as Deputy Chairman, Leslie will also Chair the Nomination Committee and be a member of the Audit & Risk and Remuneration Committees.

  Louise Hardy will be joining the Board as Non-Executive Director effective from today. Louise joined Crest Nicholson in June 2017 as an independent non-executive member of a newly formed Technical Committee focussing on technical aspects of the build process and the benefits which could be introduced by greater use of standard house types and off-site manufacturing and now joins the Board. Louise is a civil engineer bringing a wealth of project management, technical and engineering experience including delivering of complex infrastructure projects. Louise is currently a Non-Executive Director of Sirius Minerals plc and a Non-Executive Director of the Ebbsfleet Development Corporation.

  Louise will continue in her role on the Technical Committee and will join the Nomination and Remuneration Committees.

  As previously announced, Pam Alexander who joined the Board in December 2011 will not be standing for re-election at our forthcoming AGM having served just over six years.

  Octavia Morley, Interim Chair of the Nomination Committee, commented: 'Under the leadership of Stephen and Patrick, Crest Nicholson has been a very strong performer since its initial public offering in February 2013 achieving significant increases in total shareholder return, profitability and number of homes built. The Board believes their combined leadership as CEO and Chairman will continue to be a winning formula for shareholders in the future.

  We are also delighted to welcome Leslie and Louise to the Board and would like to sincerely thank William for his strong leadership of the Board since 2011 and Pam for her valuable contribution both as a member of the Board and as a member of the Audit & Risk, Nomination, Remuneration and Technical Committees.'

  The information contained in this announcement concerning the appointment of Patrick Bergin as Chief Executive Officer, Stephen Stone as Executive Chairman and William Rucker standing down as Chairman at the next Annual General meeting constitute 'inside information' under the Market Abuse Regulation (596/2014).

  For enquiries please contact:

  Kevin Maguire

  Company Secretary

  01932 580555

  Faeth Birch

  Philip Walters

  Finsbury

  0207 251 3801