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(Alliance News) - Palace Capital PLC on Wednesday said Chief Financial Officer Matthew Simpson has agreed to step down, in order to save cash.
Simpson has been with the London-based investor in commercial real estate for the last eight years. For the past two, he has been CFO and prior to that was the company's financial controller.
Palace Capital explained that its financial circumstances, including cancellation of bank facilities and reduced portfolio size, mean that the CFO role is significantly reduced. Based on this, the company "no longer requires the level of expertise and skillset" which Simpson has.
It added that with Simpson leaving it makes " further progress in the delivery of its strategy to focus on maximising cash returns to shareholders."
Going forward, the financial operations of Palace Capital will be managed by its financial controller and financial planning analyst with operational oversight by Executive Chair Steven Owen.
After a short handover, Simpson will leave Palace Capital at the end of this month.
Simpson said: "After eight years, the last two years of which were as CFO, the timing is now right for me to explore new opportunities and pursue a fresh challenge. I leave Palace Capital in a robust financial position, having deleveraged the balance sheet with debt and LTV significantly reduced and the company is well placed to deliver on its strategy of maximising cash returns to shareholders.
Shares in Palace Capital were up 2.9% to 226.32 pence each in London on Wednesday morning.
By Sophie Rose, Alliance News senior reporter
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