Capital & Regional plc Board changes (2831W)
February 08 2017 - 1:00AM
UK Regulatory
TIDMCAL
RNS Number : 2831W
Capital & Regional plc
08 February 2017
8 February 2017
Capital & Regional plc
("Capital & Regional" or the "Company" or "Group")
BOARD CHANGES
APPOINTMENT OF LAWRENCE HUTCHINGS AS
CHIEF EXECUTIVE AND HUGH SCOTT-BARRETT AS
NON-EXECUTIVE CHAIRMAN
Capital & Regional plc, the UK focused specialist retail
property REIT, today announces that it has appointed Lawrence
Hutchings, who joins Capital & Regional from Blackstone, as
Chief Executive. Lawrence replaces Hugh Scott-Barrett, who will
become Non-Executive Chairman, following the retirement of John
Clare. The changes will all become effective on 13 June 2017.
The Board, through its Nominations Committee, has given much
thought to senior management succession planning over the last 12
months, seeking to balance the importance of introducing new talent
with continuity of experience. John Clare, after seven years of
valued contribution, has advised the Board of his wish to step down
as Non-Executive Chairman in 2017. Similarly Hugh Scott-Barrett,
having led the company successfully for almost nine years, has
advised the Board of his desire to step down as Chief
Executive.
Lawrence Hutchings joins following four years at Blackstone in
Australia, two as Managing Director, and has over 20 years'
experience in the property industry including 11 years in senior
positions operating in the UK and European retail real estate
markets. Prior to Blackstone, Lawrence was at Hammerson PLC for
four years, the last three as Managing Director - UK Retail, before
which he spent almost seven years at Henderson Global Investors,
latterly as Director (Property) European Retail. Lawrence was
chosen following an extensive and competitive process, which was
supported by an executive search firm.
While fully cognisant of the UK Code of Corporate Governance
recommendations, the Nominations Committee and the Board believe
that, in this case, Hugh is the most appropriate candidate for the
role of Non-Executive Chairman. The need for experience and
continuity at this stage of the Company's development combined with
his important relationships and excellent attributes for the
position led the Board to conclude his appointment would be
strongly in the interests of the Company and its shareholders.
Tony Hales, Senior Independent Director, commented: "Lawrence
Hutchings not only brings a deep understanding of UK retail from
his senior management roles at both Hammerson and Henderson Global
Investors but a real passion for the sector. His skills and
expertise, together with his experience at Blackstone, will be very
valuable for the future growth of Capital & Regional, building
on the significant momentum achieved by the Company over the past
few years.
"I would also like to thank John Clare, on behalf of the Board,
for his exceptional leadership during a transformational period for
the company. We wish him the very best for the future. The Board
believes Hugh Scott-Barrett to be an outstanding candidate for
Chairman and is the Board's unanimous choice as John's
successor."
Lawrence Hutchings commented: "Capital & Regional is a
highly entrepreneurial and well-regarded business with a strong
track record of delivering accretive asset management and
development initiatives. The Company also has a great portfolio
which offers many opportunities and I am extremely excited to have
the opportunity to lead the Company as it enters its next phase of
growth."
John Clare, added: "It has been a great privilege to have been
Chairman of Capital & Regional at a time of significant change.
I wish both Lawrence and Hugh every success in their new
roles."
No further details need to be disclosed in relation to these
appointments, as required under the rules of the UK Listing
Authority (UKLA).
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) prior to its release as part of this
announcement.
ENDS
Notes to editors
Lawrence Hutchings has most recently been Managing Director of
Asset Management responsible for Blackstone's Australian portfolio
and Asia Retail portfolio. Prior to joining Blackstone in 2013,
Lawrence was at Hammerson PLC from 2008-2012. As Managing Director,
UK Retail he was responsible for all aspects of Hammerson's
multi-billion pound portfolio, overseeing a number of major
acquisitions and development projects in the shopping centre
sector. Prior to joining Hammerson Lawrence spent almost seven
years at Henderson Global Investors where he played a significant
role in the delivery of key retail development joint ventures as
Director (Property) European Retail.
For further information:
Capital & Regional plc 020 7932 8000
Hugh Scott-Barrett
Charles Staveley
FTI Consulting 020 3727 1000
Richard Sunderland
Claire Turvey
capreg@fticonsulting.com
About Capital & Regional plc
Capital & Regional is a UK focused specialist property REIT
with a strong track record of delivering value enhancing retail and
leisure asset management opportunities across a c. GBP1 billion
portfolio of in-town dominant community shopping centres. Capital
& Regional is listed on the main market of the London Stock
Exchange and has a secondary listing on the Johannesburg Stock
Exchange.
Capital & Regional owns six shopping centres in Blackburn,
Hemel Hempstead, Luton, Maidstone, Walthamstow and Wood Green. It
also has a 20% joint venture interest in the Kingfisher Centre in
Redditch and a 50% joint venture in the Buttermarket Centre,
Ipswich. Capital & Regional manages these assets, which
comprise over 830 retail units and attract c. 1.6 million shopping
visits each week, through its in-house expert property and asset
management platform.
For further information see www.capreg.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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