Workspace Group PLC on Wednesday said it had picked Lawrence Hutchings as its chief executive officer-designate, replacing Graham Clemett.

Hutchings is the chief executive officer of Capital & Regional PLC. Back in January, Workspace said Clemett would retire as CEO of the London-based provider of flexible working space.

This morning, Capital & Regional announced that Hutchings would retire after nearly seven years at the helm.

The London-based real estate investment trust said Hutchings will continue as chief executive during the process to find his successor to ensure a ‘smooth and orderly’ transition.

He is subject to a 12-month notice period, it said. The timing of his departure will be confirmed in due course.

Capital & Regional said Hutchings has been instrumental in repositioning its portfolio towards convenience and community-focused shopping centres, and has led the business through significant structural change in the retail market, as well as the disruption caused by the Covid-19 pandemic.

‘He leaves the company well-positioned following its acquisition of Gyle shopping centre, with group like-for-like net rental income and valuations both up in the year to 30 December 2023,’ it said.

‘Under Lawrence’s leadership, Capital & Regional has successfully weathered the combined impacts of the Covid-19 lockdowns and the broader structural changes in the retail market,’ Chair David Hunter said.

Shares in Capital & Regional were 0.2% higher at 52.29 pence on Tuesday morning in London. They were flat at R 12.00 in Johannesburg.

Workspace shares were down 1.6% at 532.47 pence in London.

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