The Crown Estate’s CEO Dan Labbad’s pay triples to £1.6 million

Dan Labbad, the Chief Executive of the Crown Estate, saw a significant increase in his annual earnings last year, receiving a total of £1.6 million. This amount marks a two-thirds increase from last year when he took home £945,000.

Dan Labbad was appointed Chief Executive of The Crown Estate in December 2019 and is an Executive Member of the Board and Chair of the Value Creation Committee.

Labbad’s most recent earnings triple his full-year equivalent pay of £517,000 for 2019, the year he assumed his current position. His latest remuneration is also nearly £1 million higher than the final year earnings of his predecessor, Alison Nimmo.

The increase places Labbad’s salary significantly higher than the usual compensation awarded to those managing taxpayer funds, aligning it with his remuneration in his former role as CEO of Lendlease, an international construction and real estate company that operates for profit.

Dan Labbad has overseen a substantial surge in revenues as the Crown’s seabed ownership around the British Isles has become a significant source of income. Through a series of auctions, the Crown Estate has generated billions from electricity operators keen to lease parts of the ocean floor for offshore wind farms.

The Crown Estate operates as an independent commercial entity. Although its profits are remitted to the Treasury, they also serve as a benchmark for determining the public funding provided to the Royal Family. This funding, known as the Sovereign Grant, it has generated more than £3 billion in profits to HM Treasury over the last ten years.

The Crown Estate holds a wide-ranging portfolio that encompasses numerous property interests in London and across the UK, a large rural estate, and Windsor Great Park. Moreover, it manages the seabed surrounding England, Wales, and Northern Ireland. The Estate plays a significant role in the UK’s leading offshore wind sector.

The crown estate has pledged to use the income from its vast portfolio – which includes more than 200 sites in central London and historic parks and coastlines – for “the benefit of the nation, its finances, and its future.”

Prior to The Crown Estate, Dan Labbad held a number of senior positions at the global property and infrastructure group Lendlease, including Group Chief Operating Officer and the dual roles of Chief Executive Officer, International Operations and Chief Executive Officer, Europe to oversee the disciplined expansion of Lendlease’s businesses in Europe, Americas and Asia.

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