NewRiver REIT PLC on Thursday said it appointed a new chair designate as part of its succession plan.

The London-based real estate investment trust said Lynn Fordham has been appointed as an independent non-executive director and chair designate.

She is set to succeed Margaret Ford on May 30 as non-executive chair who, as previously announced, said she would not seek re-election at the company’s annual general meeting.

‘Lynn Fordham is a highly experienced non-executive director with wide-ranging experience across a range of industries and has extensive board level experience gained as an executive director and non-executive director of listed companies,’ NewRiver REIT said.

Fordham is currently non-executive director at cybersecurity firm NCC Group PLC, investment trust Caledonia Investments PLC, pizza delivery company Domino’s Pizza Group PLC and energy from waste operator Enfinium Group Ltd.

NewRiver REIT enlisted Senior Independent Director Alastair Miller to lead the recruitment process, who commented: ‘Following the completion of a thorough process supported by an international executive search consultancy, we are very pleased to have secured a chair of Lynn’s calibre. Lynn is a seasoned PLC director with significant capital markets and finance experience.

‘I’m confident that Lynn will bring strong strategic leadership and on behalf of the board I am delighted to welcome Lynn to NewRiver. I would also like to thank Baroness Ford for her leadership of the board over the last six years. She has made a major contribution to the strategic development of NewRiver and we extend our very best wishes to Margaret for the future.’

Chair Designate Fordham commented: ‘I am delighted to be joining the board of NewRiver at this stage in its development and look forward to working with the board and Allan Lockhart, CEO. I was attracted to the role of chair because of the quality of NewRiver’s portfolio and operating platform, the strength of its balance sheet and the prospect of increasing shareholder value over the coming years.’

Outgoinh Chair Ford, meanwhile, said: ‘It has been a privilege for me to serve as chair of the NewRiver board and I am particularly proud of the successful execution of the strategic plan. I congratulate Lynn on her appointment as my successor. I am confident that under her leadership of the board and with Allan Lockhart as CEO, NewRiver will continue to prosper and deliver value for shareholders.’

NewRiver REIT noted that Fordham does not currently hold any shares in the company.

Shares in NewRiver REIT were up 2.3% at 75.50 pence each in London on Thursday afternoon.

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