London office specialist Helical has announced that Matthew Bonning-Snook, property director, will succeed Gerald Kaye as CEO of the company at this year's annual general meeting in July.
Kaye has informed the board that, after 30 years with the company, he will be handing over his executive duties and stepping down from the board at the 2024 AGM.
He will remain as an external consultant having agreed to support on the delivery of the company's next office developments at 100 New Bridge Street, EC4 and Brettenham House, WC2.
Bonning-Snook has built a long and successful career at Helical, having joined the business in 1995 and the board in 2007, and been responsible for delivering a significant number of highly profitable projects.
The board believes he is well placed to lead the business through the next phase of its development programme, which is focused on three over station development (OSD) schemes in joint venture with TfL's Places for London, at 10 King William Street, EC4, Southwark, SE1 and Paddington, W2, in addition to 100 New Bridge Street, EC4 and Brettenham House, WC2.
Richard Cotton, chairman of Helical, said: 'On behalf of the Board I would like to pay tribute to Gerald's outstanding contribution to Helical during his long tenure as first, development director and, most recently, as chief executive.
'I am delighted that he has agreed to continue in an external consultancy role, maintaining the strong relationships with our important joint venture partners.
'The board has succession as one of its key priorities and Matthew's appointment is an important part of this process. Matthew has built a highly impressive track record during his near 30 year tenure with the company, where he has been responsible for identifying, funding and delivering multiple highly profitable developments.
'Market conditions are challenging at present and the share price performance has been reflective of this, but the quality of our pipeline and partners give me encouragement that we are well placed to deliver good shareholder returns over the medium term. We have a clear strategy to do this and I look forward to working closely with Matthew to implement it.'
Said Bonning-Snook: 'Gerald and I have worked together since 1995 and I am honoured to succeed him as Helical's Chief Executive. I thank the board for its support and look forward to leading Helical during the next phase in its growth and to working with Tim Murphy, chief financial officer, and the rest of the exceptional Helical team.'
