4th Sep 2023 08:52
(Alliance News) - Primary Health Properties PLC on Monday announced the appointment of Mark Davies as its next chief executive officer, to replace its founder Harry Hyman next year.
The London-based real estate investment trust, which specialises in primary healthcare facilities, said Davies will take up his position as CEO at its annual general meeting on April 24 next year. Incumbent CEO Hyman will step down at the same time, as announced in December 2022.
Chair Steven Owen said he was "delighted" with Davies' appointment, as "Mark's track record, experience and knowledge of property and capital markets, as well as of operational businesses, will be of considerable benefit to the Company in the execution of its strategy over the medium term."
Davies is currently the senior independent director at London-based real estate investment trust Palace Capital PLC. He co-founded NewRiver REIT PLC in 2009 and served as its chief financial officer until March 2022, having previously spent three years as CFO of private equity fund Omega Land.
Davies also joined Hawthorn Leisure Ltd as CEO and executive chair around 2016, leading its sale to a private equity-led consortium in 2021.
Prior to the 2024 AGM, Davies will work alongside Hyman under a consultancy agreement as part of the handover process.
Hyman said he looked forward to working with Davies "to ensure a seamless transition in 2024 and beyond, and to continuing to deliver our strategy of progressive dividend growth."
Primary Health shares were down 0.1% at 92.75 pence in London on Monday morning.
By Emma Curzon, Alliance News reporter
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