After the forced departures last month of its supervisory board chairman and chief executive officer, Unibail-Rodamco-Westfield (URW) yesterday announced the 'retirement' of its chief financial officer in the ongoing shake-up of senior management at the European shopping centre giant.
On Wednesday evening, URW issued a statement announcing that longstanding group CFO Jaap Tonckens will retire from his position on 4 January 2021 and be replaced by Fabrice Mouchel, currently group finance director and CFO Europe, and a member of the senior management team of URW.
According to the statement, the decision was taken during a meeting of the supervisory board on 8 September, 'following recommendation from Mr Jean-Marie Tritant, current group Chief Operating Officer and future group CEO starting January 1, 2021'.
Tonckens is the latest senior management casualty in the ongoing power struggle at URW which earlier led to the departure of supervisory board chairman Colin Dyer - who was succeeded by activist shareholder Leon Bressler - and CEO Christophe Cuvillier, who was replaced by Tritant, president of URW's US business.
The unrest in the upper management echelons of Paris-headquartered URW started when a group of activist shareholders led by Bressler, former chairman and CEO of Unibail, raised its combined holding in URW to over 5% and managed to persuade a sufficient number of shareholders to block the board's proposed 'Reset' corporate strategy plan.
Part of the Reset plan was a €3.5 bn rights issue, which the rebel shareholders slammed as a 'failed strategy'. They susbsequently put forward an alternative strategy called ‘Refocus’.
Tonckens leaves after 11 years with the group. 'I have very much enjoyed my 11 years at Unibail-Rodamco-Westfield and am grateful for the trust placed in me by the Group’s Supervisory Board over the years,' he said in a statement. 'There have been many highlights. My experience at URW has been particularly enhanced by the many incredibly talented and committed people I have worked with and I wish my colleagues every success and I am confident the Group with its new leadership team will have a great future.'
Bressler said: 'I would like to sincerely thank Jaap Tonckens for his contribution and commitment to URW during his 11-year tenure. I wish Fabrice Mouchel every success in his new position.'
The supervisory board said 'future evolutions' related to the management board will be announced 'at a later date'.
