Flexible workspace specialist Workspace Group said this week that it has picked Lawrence Hutchings as its chief executive officer-designate, replacing Graham Clemett, who informed the Board in January of his decision to retire from Workspace.
Hutchings is the chief executive officer of UK REIT Capital & Regional and is resigning after seven years at the helm of the firm. The London-based real estate investment trust said Hutchings will continue as chief executive during the process to find his successor to ensure a ‘smooth and orderly’ transition.
He is subject to a 12-month notice period, it said. The timing of his departure will be confirmed in due course.
Capital & Regional said Hutchings has been instrumental in repositioning its portfolio towards convenience and community-focused shopping centres, and has led the business through significant structural change in the retail market, as well as the disruption caused by the Covid-19 pandemic.
‘He leaves the company well-positioned following its acquisition of Gyle shopping centre, with group like-for-like net rental income and valuations both up in the year to 30 December 2023,’ it said.
‘Under Lawrence’s leadership, Capital & Regional has successfully weathered the combined impacts of the Covid-19 lockdowns and the broader structural changes in the retail market,’ Chair David Hunter said.
Lawrence Hutchings, Chief Executive, added: 'Leading Capital & Regional over the past seven years has been an enormous privilege and I would like to thank David, the Board, as well as the entire team for their support throughout my tenure. While we have encountered challenges, this is a business with huge potential and I am confident that, on the back of the changes we have made over the past few years, it is well positioned to deliver for shareholders, consumers and colleagues. While this is the right time for me to take up a new challenge, Capital & Regional is in safe hands and I wish all my colleagues the very best.'
