David Tyler, chair of UK and European retail REIT Hammerson, has announced plans to step down just weeks after the resignation of CEO David Atkins.
Former Land Securities CEO Robert Noel has been lined up to succeed Tyler as non-executive chair, assuming the role no later than 1 October. Noel will also chair the firm's nominations committee. Tyler held the position of chair for the past seven years.
Noel said: 'I am delighted to be joining Hammerson. The retail property sector is going through a period of unprecedented upheaval, but I look forward very much to helping the company steer through the challenges it is currently facing and capitalise on the significant opportunities ahead.'
Hammerson, like much of the embattled UK retail property sector, has seen the Covid-19 crisis deepen its financial woes. The firm announced last month that it had collected just 37% of its second quarter rents. Over the last three years, retail headwinds, failed mergers and halted deals have seen the firm's share price fall by more than 75%.
Noel, who stepped down as LandSec CEO in March of this year, was also property director of Great Portland Estates for eight years until 2010.
He is currently a senior independent director at UK housebuilder Taylor Wimpey and a Trustee of the Natural History Museum.
Hammerson said that, in addition, Desmond de Beer would be joining its board as a non-executive director with immediate effect. De Beer is a non-executive director of Lighthouse Capital, a property company which invests in direct property and listed real estate securities and which has a 15.1% shareholding in Hammerson.
Gwyn Burr, senior independent director at Hammerson, said: 'Rob brings with him vast experience of the property industry which will help accelerate the board’s ambitions to put the company back onto a stable footing.
'We are also very pleased to welcome Des, whose experience in retail property and international perspective will make a valuable contribution to the future of Hammerson.'
