Highcross managing director Peter Gubb has announced his retirement from the day-to-day operation of the business.
From 1 September he will become a consultant to the fund manager, and will be replaced as managing director by current finance director Mike Megan.
The retirement will trigger a reshuffle among senior management. Alan Bishop will become finance director, Nick Turner will become asset management director and Richard Pellatt will become investment director.
Operations director Helen Wright and technical director Keith Woods will remain in their roles, supporting Megan.
Gubb’s retirement comes after 27 years at the company, which focuses on UK office and industrial space.
During his tenure Highcross has grown from a provincial propco to the manager of 19m sq ft of commercial property.
Group chairman Sir Peter Michael said: “On behalf of the board, I would like to thank Peter for the very significant contribution he has made to the development and success of the company over almost three decades. I am pleased that we will continue to benefit from his expertise in his capacity as consultant to the company.”
Major deals under Gubb’s tenure include the purchase of IBM’s HQ in Portsmouth, Hampshire, the buy-out of Bizspace and a tie-up with UK Land Estates.
Gubb said: “While no longer involved in the day-to-day running of the company, I will continue to support the management team, building on the successes of the past 27 years.”
Megan added: “Having raised £900m of equity across three funds, the group is now set to move to the next round of fund raising, while pursuing its joint venture businesses.
“We have built a strong and successful platform from which to take advantage of market opportunities.”
Jack.Sidders@estatesgazette.com
