Affordable housing developer Pocket Living’s chief executive Marc Vlessing has become chair of the business and chief financial officer (CFO) Paul Rickard has been promoted to managing director following a senior management reshuffle.
Vlessing founded Pocket in 2004 with Paul Harbard after a career in banking and entertainment and has overseen the development of 1,500 affordable homes in London.
Rickard, who has more than 20 years’ industry experience, has been Pocket’s CFO for the past five years and will now be responsible for leading Pocket Living’s long-term strategy and operational delivery.
Vlessing said: “I am immensely proud that over 20 years Pocket Living has created 1,500 affordable homes for the people who underpin our society and drive London forward. We have been a disruptor that has informed thinking on housing not only in our capital but in cities around the world and we have shown the way in what can be achieved through engaged and open public-private partnership.
“However, after two decades building Pocket, now is the time for me to take a more strategic role, and for Paul to take the company to the next level. As Pocket evolves and responds to the changing London market, it will need to develop a more diverse range of products and we have made a good start on that with a rental scheme we recently delivered at King’s Cross.”
Rickard added: “I have immensely enjoyed my first five years working with the many talented individuals at Pocket, and together with them, I look forward to continuing to fly the flag which Marc hoisted so successfully for innovative forms of affordable housing in London of all tenures. With 1,000 homes in Pocket’s development pipeline, and in a market which continues to be demanding, my focus will be on delivery and resilience, working with our public sector partners to deliver more affordable homes.”
Ken Wong, COO and director of international development at Related Companies of USA, which has a controlling shareholding in Pocket Living, said: “For two decades, Marc has been a clarion voice for providing quality homes for London’s first-time homebuyers. We thank him for all his contributions to the company and the industry. We’ve worked very closely with Paul in his former role and are delighted to face the future with him at the helm.”
