Hammerson has announced its new CEO, an executive who’s prepared to take on one of the toughest current jobs in the real estate sector as retail property owners remain under intense, even existential, pressure.
Hammerson Chief Executive Officer David Atkins will step down, the shopping mall owner and operator said on Wednesday, as it faces a crisis spurred by coronavirus-induced shop closures and a collapse in rent.
Timon Drakesmith is stepping down as CFO of malls giant Hammerson shortly after it reported a 6.2% slump in net rental income in a turbulent retail backdrop. But his exit and the slump don't appear to be directly linked.
A shareholder advisory group has recommended investors to vote against executive payouts at Hammerson’s annual general meeting on Tuesday, arguing that they fail to reflect the company’s declining performance.
Bullring owner Hammerson is trying to offload over £900m of property, including a number of retail parks in the UK, after seeing the retail crisis send the value of its portfolio down by almost 6% in 2018.
A casualty of Hammerson's change of direction (as well as the weak market for bricks and mortar stores) is the mall giant's plan for a massive expansion at Brent Cross that has now been indefinitely deferred.