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(Alliance News) - SEGRO PLC on Tuesday said Chief Investment Officer Phil Redding will be leaving amid the creation of a new Strategy, Investment & Innovation function.
Redding - who has been with the property investment and development company since 1995 - will step down from the SEGRO board at the end of January and will depart the business entirely at the end of April following the transitioning of his responsibilities.
Under the new structure, SEGRO said disciplined capital allocation and portfolio planning will be integrated with a newly formed function, led by Chief Financial Officer Soumen Das.
In addition, local investment activities will be embedded within the operating teams, alongside the existing asset management, leasing and development functions, led by Chief Operating Officer Andy Gulliford.
"Phil has played a key role in the development of the Group, particularly over the past decade and he deserves much credit for the high quality, well-positioned portfolio that SEGRO now owns," said Chief Executive David Sleath.
"Looking ahead, the creation of a new Strategy, Investment & Innovation function will enable us to build on our clear and consistent strategy and our well established, disciplined approach to capital allocation. It will help us to become more agile in supporting our customers and other stakeholders, and to embrace the unprecedented level of change arising from the technological revolution."
The FTSE 100 stock was trading 0.6% higher in London early on Thursday at 901.20 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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