After 11 years as CEO of Marsh & Parsons, Peter Rollings has decided that it’s time to retire.
Rollings, a stalwart of the London property industry, spent nigh-on 20 years at Foxtons, leading the firm as Managing Director before moving to Marsh & Parsons in 2005. He shepherded M&P through its acquisition by LSL Property Services in 2011, and has successfully helmed the business until today. He will, however, continue to be a “brand ambassador” for the agency until 2018.
David Brown has been announced as the new top man at Marsh & Parsons; he takes over from Rollings as CEO from today. Brown has been part of the LSL clan for the last 24 years; he started and ran LSL’s Corporate Services Division between 2008 and 2014, and, since 2014, has run LSLi – a holding company which runs nine estate agency businesses with 58 offices in London and South-East England (Intercounty, Frosts, JNP, Goodfellows, Davis Tate, Lauristons, Lawlors, Hawes & Co and Thomas Morris.)
It sounds as though Rollings is being handsomely rewarded for his efforts at Marsh & Parsons as a management shareholder and influential property market pundit; on the back of a loan note arrangement made at the time of LSL’s acquisition, and “in consideration of Peter’s retirement and his on-going role as a brand ambassador for the [LSL] Group”, he’ll be getting an initial payment of £5,573,981 deferred to July 2016, and a final payment of £2m in March 2018 when his two-year ambassadorship ends.
Peter Rollings: “Over the course of the last eleven years, I have been fortunate to be CEO of Marsh & Parsons and to grow the business to be one of London’s leading estate agencies. The business is very well positioned for further growth and I am delighted to be able to continue to work with the Marsh & Parsons and LSL teams as a brand ambassador for the next two years.”
Ian Crabb, Group CEO of LSL: “Peter, since his appointment as CEO of Marsh & Parsons in 2005, has made a substantial contribution to the growth of the business and, since LSL’s acquisition of Marsh & Parsons in 2011, Peter has successfully expanded the business, the team and its iconic brand across London, including increasing the number of branches from 13 to 25. On behalf of the LSL Board, I would like to take this opportunity to thank Peter for his substantial contribution to Marsh & Parsons.”