Mike Slade is to step down as chief executive of Helical Bar after more than 31 years in charge. He will take up the role of non-executive chairman and will be replaced by his deputy Gerald Kaye in July next year.
Slade, one of the UK property industry’s best-known characters, is to make the change following the company’s annual general meeting, a month before his 70th birthday.
Research by Numis shows that if an investor put £1 into the company when Slade took the helm in 1984, the investment would now have a value of more than £1,000.
Known for his love of yachts and his work with industry charity LandAid, he has refocused the company’s activities in recent years from the regions to the capital, where today it has 60% by value of its £889m portfolio. He is also a major shareholder, with an 11% stake that is valued at close to £58m.
Nigel McNair Scott, Helical’s non-executive chairman, and Andy Gulliford, a non-executive director since 2006, will also stand down in July.
Helical plans to appoint up to two additional non-executive directors, so that the board will then comprise a non-executive chairman, four executive directors and five independent non-executive directors.
The UK Corporate Governance Code states that a chief executive should not go on to be chairman of the same company unless there are exceptional circumstances and there is full agreement with major shareholders.
Slade said that this was done carefully. “We spoke to all the main shareholders, who have been supportive. It’s a bit of a transition thing. Hands up – I am a non-exec and my role is to run the board and Gerald’s is to run the company and that’s fine.”
• Slade’s announcement came at the same time as Helical’s full-year results. The firm posted a 13.2% increase in EPRA NAV per share to 436p over the 12 months to the end of September, and generated a total property return of £107.6m, up by 55% on the year prior.
