Helical chief executive Gerald Kaye has announced plans to step down from the role after 30 years with the company.
Property director Matthew Bonning-Snook, who joined the business in 1995 and the board in 2007, will succeed Kaye as chief executive at Helical’s annual general meeting in July.
Kaye will remain as an external consultant, having agreed to support on the delivery of the company’s office developments at 100 New Bridge Street and Brettenham House in London.
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. Since he succeeded Mike Slade in 2016, he has re-focused the business as a best-in-class developer in Central London.
“Over this period, he has had to contend with strong headwinds, from Brexit, Covid and latterly the sharp upward adjustment in interest rates. Throughout, he has remained calm and focused, helping the business to navigate the challenges while always demonstrating a totally committed work ethic. 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.”
Kaye added: “It has been a tremendous privilege to lead a business that has delivered some major and iconic London office developments which are today being enjoyed by a diverse range of businesses.
“I have worked alongside Matthew for almost 30 years and believe he is the right person to succeed me as chief executive of Helical. I know that he is fully focused on realising profits from the company’s exceptional development pipeline and I look forward to continuing to make my own contribution to the ongoing success of Helical in a consultant role.”
Bonning-Snook added: “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.”
