Intu’s chief executive, David Fischel, is to leave the shopping centre giant which he joined in 1985, and has led since 2001.
A statement from intu said Fischel was going to stand down when the company’s proposed £3.4bn merger with retail rival Hammerson completed, adding that now that transaction is no longer proceeding the board “is enormously grateful to David for agreeing to remain in post for a longer period than he had envisaged.”
See also: David Fischel on intu’s interims and his departure
The plan now is for Fischel to stand down from the board and leave the company once his successor is appointed. Intu will give further detail on timing once a successor has been identified.
Intu’s Chairman, John Strachan, said: “David has been with the Group since 1985, and Chief Executive since 2001, a period which has included transformative events such as the demerger of Capital & Counties in 2010, the intu Trafford Centre transaction in 2011 and the rebranding as intu in 2013.
“He has played a major role in intu becoming the UK’s leading owner, developer and manager of large scale regional shopping centres with some £10bn of assets.”
Click here for the full Investegate announcement
