Property giant Land Securities (Landsec) has poached Vanessa Simms from Newcastle-based residential landlord Grainger plc as its next chief financial officer.

Simms is also non-executive director and audit committee chair at North Yorkshire-based power company Drax Group plc.

Grainger, the UK’s largest listed residential landlord, said Simms will leave no later than June 1, 2021 “and, in the meantime, will continue to play a full and active role in the business.”

Grainger CEO Helen Gordon said: “We would like to thank Vanessa for her tremendous contribution to Grainger over the past 4½ years.

“She has been a key member of the Grainger team in the successful development of our PRS strategy. 

“We wish her all the best for the future in her new role.”

At Landsec, Simms will receive a base salary of £490,000 and will be eligible to participate in the Land Securities annual bonus scheme “and for the 2021/22 financial year she will have a maximum bonus opportunity of 150% of base salary …”

Simms will also be eligible to participate in the Land Securities Long-Term Incentive Plan with a maximum annual award of 300% of base salary.

Landsec CEO Mark Allan said: “I am delighted that Vanessa is to join Landsec as our next CFO …

“She brings a valuable combination of expertise and experience and I have been particularly impressed by the role she has played in helping to deliver strategic change and business transformation at Grainger in recent years.”

Simms said: “I am delighted to be joining Landsec at such a pivotal time.

“Mark and his colleagues set out a compelling strategy and vision at their recent Capital Markets Day and I am very much looking forward to being part of the Landsec team that will deliver that strategy.”