22nd Oct 2024 11:32
(Alliance News) - Capital & Regional PLC said on Tuesday it had chosen insider Stuart Wetherly as its acting chief executive officer, with immediate effect.
Wetherly, a finance director, will be assisted by Investment Director James Ryman, the London-based real estate investment trust said.
The appointment comes after Lawrence Hutchings resigned as the CEO early in May, when he started his "garden leave" . He formally leaves on November 15 after service as the CEO for nearly seven years.
Hutchings will join the London-based provider of flexible working space, Workspace Group PLC, as its new CEO, replacing Graham Clemett.
Capital & Regional said on Tuesday Wetherly will fill the CEO post on an interim basis until the completion of the recommended cash and share offer by NewRiver REIT PLC for the company.
Late last month, Capital & Regional accepted the offer from NewRiver, valuing Capital & Regional at GBP147 million.
"I would once again like to thank Lawrence for his service over the past seven years," Capital & Regional Chair David Hunter said.
"Despite being on notice to depart, he has continued to serve with a very high level of commitment to the company, and we wish him well for the future. I am also grateful to Stuart and James for their flexibility and support," Hunter said.
Shares in Capital & Regional were down 0.9% at 63.64 pence on Tuesday in London. They were flat at ZAR14.55 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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