– UK, London – NewRiver REIT PLC (LSE:NRR), today announced that Chairman Paul Roy had notified the Company of his intention not to stand for re-election at the 2019 Annual General Meeting. Consequently, NewRiver announces today the appointment of Margaret Ford, Baroness Ford of Cunninghame, as Chairman of the Company with effect from 1 October 2018.
Paul Roy has served as the Company’s Chairman since its formation in 2009, during which time NewRiver has grown from a market capitalisation of £25 million into a FTSE 250 constituent.
Baroness Ford joined the Company on 1 September 2017 as Senior Independent Non-Executive Director and has over 20 years’ experience as a Non-Executive Director and Chairman of private and listed companies. Baroness Ford is currently the Chairman of STV Group plc and was previously the Chairman of Grainger plc and a Non-Executive Director of SEGRO plc and Taylor Wimpey plc.
NewRiver also announces today that Alastair Miller, a Non-Executive Director of the Company, will replace Baroness Ford as the Company’s Senior Independent Non-Executive Director. Alastair joined the Company as a Non-Executive Director in January 2016.
The Company has commenced a search for a new Non-Executive Director and will provide an update in due course.
Paul Roy commented: “It has been a privilege to serve as NewRiver’s Chairman since the Company was founded nine years ago. Thanks to the skill, dedication and enthusiasm of NewRiver’s executive management and employees, the company has grown from a small AIM listed entity to a FTSE 250 constituent during this period. In Baroness Ford we have found an excellent new Chairman with significant property sector expertise, and I am confident that I will be leaving the Company in very capable hands.”
Baroness Ford commented: “I am delighted to be appointed as NewRiver’s Chairman, and would like to thank Paul on behalf of NewRiver for his leadership over a successful nine years for the Company. NewRiver is a great business with a strong track record of delivering growing shareholder returns and investing in thriving communities throughout the UK. I look forward to working with Chief Executive Allan Lockhart and the Board to guide the Company through the next exciting phase of its development.”
About NewRiver
NewRiver REIT plc 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 £1.4 billion principally comprising 34 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.
For more information : http://www.nrr.co.uk
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