Tim Wheeler replaced at Brixton by investment officer

Brixton, a UK real estate investment trust (REIT) focused on industrial property, has announced that Tim Wheeler is leaving the company after 24 years, the last nine as CEO. Wheeler is being replaced by the firm's investment director Peter Dawson.

'The appointment of Peter ensures that we have a cohesive team in place to lead Brixton as we pursue a range of options to provide additional financial flexibility for the future. He will be supported by a very high quality and experienced executive team,' Brixton chairman Louise Patten said.

Brixton linked the decision to replace Wheeler with the statement issued in February stating the company was 'pursuing a range of options to provide additional financial flexibility'. The statement was rushed out as the company's share price plunged dramatically on 18 February as investors worried the firm had not followed three of the largest UK REITS, Hammerson, British Land and Land Securities, in announcing a rights issues to strengthen its balance sheet.

Brixton's share price has dropped 91% from 286.2 pence in the last 12 months. The firm was at 28.2 pence on Tuesday, shortly after opening the opening.

Announcing Wheeler was leaving the company, Brixton said the board has decided to change its CEO 'at this time to ensure that it has the most appropriate leadership in place for the long term future of the company'. Wheeler is a plain-speaking veteran property professional who has been a frequent panellist at real estate conferences.

His replacement, Dawson is aged 37 and has over 16 years of experience in property. He joined Brixton from Jones Lang LaSalle in 1997. He was appointed managing director of Brixton Investments in 2004 before joining the board in December 2007. Commenting on his appointment, Dawson said: 'My immediate priority will be to secure additional financial flexibility for Brixton.'

Brixton's preliminary results for the year to end-December 2008 will be announced on March 16. Brixton said the announcement of the change of CEO was unconnected to those results.