Capital & Regional PLC said on Wednesday it will started the process to find a new chief executive officer following the resignation of Lawrence Hutchings.
The London-based real estate investment trust said Hutchings, who has served as CEO for nearly seven years, will leave the Company to pursue a new business opportunity.
The company said Hutchings will continue as chief executive during the process to find his successor to ensure a ‘smooth and orderly’ transition. He is subject to a 12-month notice period. The timing of his departure will be confirmed in due course.
Capital & Regional said Hutchings has been instrumental in repositioning its portfolio towards convenience and community-focused shopping centres, and has led the business through significant structural change in the retail market, as well as the disruption caused by the Covid-19 pandemic.
‘He leaves the company well-positioned following its acquisition of Gyle shopping centre, with group like-for-like net rental income and valuations both up in the year to 30 December 2023,’ it said.
‘Under Lawrence’s leadership, Capital & Regional has successfully weathered the combined impacts of the Covid-19 lockdowns and the broader structural changes in the retail market,’ Chair David Hunter said.
Shares in Capital & Regional were 0.8% lower at 51.81 pence on Tuesday morning in London. They were flat at R 12.00 in Johannesburg.
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