Ian Crabb will join LSL as group chief executive on 9 September 2013.
Oxford and Harvard-educated Crabb was executive chairman of Learndirect, where he worked closely with Lloyds Development Capital on Learndirect’s growth strategy and before that CEO of international digital entertainment and communications company Quadriga.
According to the London Stock Exchange statement this morning, Embley plans to prioritise a smooth handover to the new group chief executive and maintain focus on the execution of LSL’s existing strategy to continue delivering shareholder value as the market recovers.
Simon Embley told Mortgage Solutions: “This is something I have talked to the board about for a long while. It’s a big decision having spent 12 years in the job but I think we’ve found a CEO who has a great record and I’m delighted with how it has worked out.
“I will continue to manage my 10% holding in the group and recognise that we must preserve and deliver value to shareholders.
“I will still be working full time in the business but will be looking more from a strategic rather than operations role.”
Roger Matthews, chairman, said: “The proposed changes reflect the Board’s desire to implement an orderly succession to a new group chief executive whilst retaining Simon’s significant knowledge of the residential property market and, in particular, maintaining key client and industry relationships. The business is in a strong position to deliver shareholder value and to embark on the next phase of its development as the market recovers.”
Ian Crabb, said: “I am delighted to be joining LSL at this exciting stage in its development. I look forward to working with Simon and the team to continue to grow and develop the business from the strong platform in place.”
The firm announced profit rises in its H1 results to June of +£8.4m, against a -£7.9m loss this time last year, according to its half-yearly interim results to 30 June.