Last checked at 13 Apr 2017 07:00
13 April 2017
Capital & Regional plc
("Capital & Regional" or the "Company" or "Group")
DIRECTORATE CHANGE
Capital & Regional plc, the UK focused specialist retail property REIT, today announces that Ken Ford, Executive Director, has made the decision to step down from the Board on 9 May 2017 at the time of the Annual General Meeting.
Ken will remain with Capital & Regional on a full-time basis and continue to lead a number of key development initiatives until 31 December 2017, at which point it is expected he will become an advisor to the Company.
Hugh Scott-Barrett, Chief Executive, commented:
"Having been with Capital & Regional for 20 years, Ken's contribution to the development of the business cannot be overstated. Not only was he the driving force behind the very successful growth of the Mall Fund but he has also played a significant role in the reshaping of Capital & Regional since converting to a REIT at the end of 2014. Ken has built a strong team and I am pleased he will remain involved to help ensure a smooth transition and to support Lawrence in the commencement of his role as Chief Executive. I would like to thank Ken on behalf of all who work at Capital & Regional."
Ken Ford commented:
"I've thoroughly enjoyed the last 20 years at Capital & Regional, however with our succession plans now firmly in place, I feel the time is right to step down from the Board. I'm delighted to be able to continue to assist the business and provide support to our incoming CEO, Lawrence in realising the very strong potential within the Company's portfolio."
Lawrence Hutchings, Chief Executive designate, commented:
"I am delighted that Ken will be staying involved and look forward to working with him in progressing some of the very exciting development opportunities that exist right across the portfolio."
ENDS
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 retail REIT with a strong track record of delivering value enhancing retail and leisure asset management opportunities across a c. £1 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 seven shopping centres in Blackburn, Hemel Hempstead, Ilford, Luton, Maidstone, Walthamstow and Wood Green. It also has a 20% joint venture interest in the Kingfisher Centre in Redditch. Capital & Regional manages these assets, which comprise over 900 lettable units and attract c. 1.7 million shopping visits each week, through its in-house expert property and asset management platform.
As announced on 8 February 2017, the Company has appointed Lawrence Hutchings as Chief Executive. Lawrence will replace 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.
For further information see www.capreg.com.