Board changes

RNS Number : 2498E

NewRiver REIT PLC

08 February 2018

 

NewRiver REIT plc

("NewRiver" or the "Company")

Appointment of David Lockhart to Executive Deputy Chairman

                                         Appointment of Allan Lockhart to Chief Executive Officer

On 7 August 2017 NewRiver announced David Lockhart's decision to take a leave of absence due to ill health. During this period David's health has continued to improve but he has also considered his future involvement in the business. Following consultation with the Board of NewRiver, David has made the decision to step down as Chief Executive Officer but maintain continued involvement at NewRiver as Executive Deputy Chairman. This change is effective from 1 May 2018.

In David's absence the executive responsibilities of the Company have been shared between Allan Lockhart and Mark Davies. Following an executive assessment process undertaken by external consultants, the Board of NewRiver has appointed Allan Lockhart as Chief Executive Officer, effective from 1 May 2018.

Mark Davies will remain as the Company's Chief Financial Officer, retaining all existing responsibilities and taking on an enhanced operational role.

As Executive Deputy Chairman, David's role will include supporting Allan and Mark as they drive NewRiver forward, advising on strategy, business development, investor relations and talent mentoring.

Allan has over 25 years' experience in the UK retail real estate market, co-founded NewRiver with David in 2009 and as Property Director has been responsible for the Company's acquisition and active asset management activity. More recently he has also overseen the Company's risk-controlled development portfolio, and played an active role in NewRiver's investor relations programme.

Paul Roy, Non-Executive Chairman commented: "During his time as Chief Executive Officer, David has successfully guided NewRiver from its £25 million IPO on AIM in 2009 to become a FTSE 250 Premium Listed company with a high quality portfolio valued in excess of £1 billion. I respect his decision to stand down as Chief Executive Officer but I am delighted he is staying on in his new role, providing continued insight and experience to the Group.

Allan co-founded NewRiver with David, and the Board are confident he has the ability, determination and vision to lead the group."

David Lockhart commented: "I am delighted to take up the post of Executive Deputy Chairman and I feel I have much to contribute to NewRiver going forward. As co-founder, shareholder and colleague I want the very best for NewRiver and I look forward to playing an important role in the next stage of the NewRiver journey."

Allan Lockhart commented: "Over the last nine years NewRiver REIT has established a leading position in the UK retail & leisure sector, and I look forward to leading the Company through the next exciting phase of its growth and development."

There is no new information to be disclosed pursuant to Listing Rule 9.6.14R

For further information

NewRiver REIT plc			[phone]
Paul Roy (Non-Executive Chairman) Mark Davies (Chief Financial Officer)
Will Hobman (Head of Investor Relations)

Finsbury			[phone]
Gordon Simpson

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation. This announcement has been authorised for release by the Board of Directors.

About NewRiver

NewRiver REIT plc (ticker: NRR) is a premium listed REIT on the London Stock Exchange and a constituent of the FTSE 250 and EPRA indices. The Company is a specialist real estate investor, asset manager and developer focused solely on the UK retail and leisure sector.

Founded in 2009, NewRiver is one of the UK's largest owner/managers of convenience-led community shopping centres with a property portfolio of £1.2 billion principally comprising 33 UK wide shopping centres together with further nationwide retail and leisure assets. The portfolio totals 8 million sq. ft. with over 2,000 occupiers, an annual footfall of 150 million and a retail occupancy rate of 97 per cent. Visit www.nrr.co.uk for further information.

LEI number: 2138004GX1VAUMH66L31

 

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