Trevor Silver has stepped down as chief executive of business park developer Akeler after a management shake-up.
In a statement released today, the company said that Silver would no longer be involved in the day-to-day running of the business. He will remain with Akeler until his contract expires.
Silver was appointed chief executive when Akeler founder Mark Glatman stepped down in March 2000.
James Cole, currently the managing director of Akeler’s continental European operations, will take over as chief executive.
He will be backed by three existing Akeler executives: chief financial officer Nigel Pope, Patrick Going and Marcus Boret.
Stephen Morgan, previously a senior manager of Akeler, will also be leaving the company.
Akeler said the management changes followed a “wide-ranging review of its business operations”.
As part of this shake-up, Akeler will create investment funds for its own assets and will expand its office and business park development programme.
Cole said: “We will build our business through the introduction of new capital. This will provide investors with the opportunity to benefit from the enhanced performance that our products and services will deliver.”
Akeler is owned by the Lend Lease Global Properties Fund, which is managed by Macquarie Global Property Advisors.
Andrew Wood, Macquarie’s chief operating officer, said: “2005 is an important year for Akeler. We see improved market conditions and increasing occupier demand across its key area of operation.
“We look forward very much to continuing to work with James Cole and the Akeler team during this next exciting growth phase.”
References: EGi News 05/01/05
