LONDON (Alliance News) - The Unite Group PLC on Wednesday said Richard Smith will take up his new role as the chief executive of the company one month earlier than planned because the handover period is progressing ahead of schedule.
The student accommodation developer promoted Smith from his role as managing director of the company's operations to chief executive in early April in order to replace Mark Allan, who is moving to St Modwen Properties PLC at the start of November this year.
Smith was originally expected to take the helm of the company at the start of July, but will now take up his new role from Tuesday next week as the handover period is progressing faster than expected.
Allan will therefore leave the business earlier than planned and will relinquish his role on Monday, but Unite said Allan has agreed to stay with the company up until the end of October within an advisory capacity if needed.
Unite shares were up 0.1% to 657.50 pence per share on Wednesday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Unite (UTG)