LSL Group Chief Executive Ian Crabb has stepped down from the company in the middle of the Coronavirus pandemic and has made way for a former building society chief.
Crabb (left) has been replaced by David Stewart (above), who joined the board of LSL as a non-exec director five years ago and is well regarded for steering the Coventry Building Society through the 2007/8 financial crisis.
Until now he has headed up LSL’s Audit and Risk Committee.
The sudden announcement is not business as usual for a large PLC of LSL’s size; most have succession planning timetables in place when Group CEOs like Crabb exit the business.
In its statement to the City LSL says the company has performed well under Crabb’s leadership and claims to have outperformed its principal competitors.
“David is an experienced Chief Executive, with a track record of success both in growing businesses and in managing during periods of uncertainty,” says Simon Embley, Non Executive Chair of LSL.
“His detailed knowledge of financial services will be invaluable as we seek to continue to build our capability in this sector, whilst maximising the potential of our estate agency and surveying operations.
“Having worked closely with him, I am confident he is the right person to take the Group forward.
“I also want to place on record the Board’s thanks and my personal appreciation for the part Ian Crabb has played in the Group’s development since he joined us in 2013, Ian has always acted with the highest standards of integrity and professionalism, and I wish him every future success.”