(adds detail from statement, background)
LONDON (Thomson Financial) - Property group Capital & Regional PLC has
confirmed a report in the weekend press claiming it is to replace its chief
executive.
Capital & Regional said in a statement that Hugh Scott-Barrett, most
recently chief financial officer at ABN AMRO, will take over from Martin Barber
on April 1.
The shopping centre and retail park specialist declined to comment yesterday
on a report in the Sunday Times claiming it was finalising an agreement with
Barber under which he will leave the company with a compensation package "soon".
The newspaper claimed Barber, who had been due to retire by August 2009,
would leave earlier than that following a dispute with chairman Tom Chandos and
the rest of the board after the company's share price fell nearly 70 pct since
last spring.
Capital & Regional, along with others in the industry, has faced a downturn
in retail asset valuations sparked by the credit crunch and debt market squeeze.
The group said in its statement that Barber had made an "extraordinary
contribution" to the company over the last 30 years and that the board was
pleased to have secured a strong successor.
"Hugh Scott-Barrett's deep experience in both investment banking and the
management of a major financial institution has given Capital & Regional the
opportunity to put in place the ideal leadership for the future," Chandos said.
Capital & Regional owns and manages 23 town centre shopping malls around
Britain.
tf.TFN-Europe_newsdesk@thomson.com
jjo/tsm/ajb/paw/ejp
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|