Capital & Regional chief executive Lawrence Hutchings has resigned from the company to join flexible office provider Workspace Group as chief executive designate.
Hutchings will replace Graham Clemett, who announced he was stepping down as chief executive of Workspace earlier this year.
Capital & Regional said it would commence the formal process to find a successor for Hutchings, who will continue as chief executive during this process to ensure a smooth transition. Hutchings, who has been chief executive of Capital & Regional for seven years, is subject to a 12-month notice period.
David Hunter, chairman of Capital & Regional, 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. With a portfolio of convenience- and necessity-focused shopping centres in key locations and serving the needs of their local communities, combined with the significant steps taken to strengthen the balance sheet, the company is on a strong footing.
“We also have an exceptionally strong and experienced management team focused on optimising performance from the assets. These factors, coupled with the improvements in our underlying operational performance, ensure that Lawrence leaves Capital & Regional well positioned to deliver growth in the coming years. On behalf of the board I would like to thank Lawrence for the significant contribution he has made to this company over the past seven years and to wish him well for the future.”
Hutchings 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.”
Duncan Owen, chair of Workspace, said: “We are delighted to welcome Laurence as our next CEO following a rigorous process. With over 30 years’ deep experience in the real estate industry and significant expertise in customer-centric operating businesses, Lawrence is ideally placed to take the role. The board and I look forward to working with Lawrence as Workspace continues to evolve its flexible offer in a growing part of the market.”
