Lawrence Hutchings has resigned as chief executive of retail-focused REIT Capital & Regional to take up a new role leading flexible office group Workspace.
Hutchings has led the REIT for almost seven years. The board will launch a formal process to find a successor and Hutchings will continue in the role during this process. He has a 12-month notice period.
At Workspace, Hutchings will replace Graham Clemett, who announced his decision to step down as chief executive earlier this year. Capital & Regional and Workspace separately said a timescale for Hutchings’ move would be confirmed at a later date.
Capital & Regional chairman David Hunter 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.”
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.”
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