(Alliance News) - LXi REIT PLC announced on Thursday that Cyrus Ardalan is set to take over from Stephen Hubbard as chair of the company.
Ardalan was described as an investment banker with well-established corporate governance expertise. His career in capital markets spans over 40 years during which he has held senior executive and non-executive roles at leading global banks.
He is currently the chair of OakNorth Bank and was previously non-executive and chair of a number of institutions, including Citigroup Global Markets. Ardalan also spent 15 years at Barclays PLC Bank as vice chair.
Separately, LXi announced news that Stephen Hubbard and Colin Smith were stepping down from the board.
The London-based real estate investment trust said Hubbard and Smith, who have both been with the company since its initial public offering in February 2017, have each informed the board of their respective intentions to step down on the same date.
Stephen Hubbard served as non-executive chair while Colin Smith served as non-executive and senior independent director. During their time, LXi REIT said they had overseen the growth in value of the company's portfolio to GBP1.33 billion across 170 assets.
Hugh Seaborn is set to take over from Colin Smith as senior independent director. LXi REIT said that Seaborn brings over 35 years of real estate experience. He spent 13 years as a non-executive at TR Property Investment Trust PLC, including four years as chair, and is currently the chief executive of Cadogan Group Ltd, the property investment company.
Previously, he was chief executive of the Portman Estate and prior to that director and head of investment management at CBRE Group Inc, a Dallas, Texas-based real estate services and investment firm.
Finally, Ismat Levin is set to take over from Colin Smith as a non-executive director. Levin, LXi REIT explained, has 28 years' experience in commercial, international growth and legal technology-led software industries. She is currently vice president and group general counsel at Synamedia Ltd, a Surrey, England-based video technology provider.
Shares in LXi REIT were up 1.4% at 149.70 pence on Thursday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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