Property firm's chief executive steps down

Property firm's chief executive steps down


The chief executive of property firm, Hammerson, has decided to step down after 30 years with the company. 

John Richards will be replaced in October by the current managing director of Hammerson’s UK business, David Atkins.


The news follows the property firm’s announcement that first-half losses have doubled since last year, from £417.1 million in the first six months of 2008, to £818.5 million in the first six months of this year.


The loss has been attributed to a 14% fall in the value of the firm’s property portfolio since the beginning of this year. The portfolio has seen 27% of its value wiped off since last June, with the current value standing at £4.72 billion.


Mr Richards said that he did not have any retirement plans, but was “almost certain” that he would remain involved in the property sector.


“It has been very hard work over the last year, but I think the company is now in an excellent position.” He added.


Mr Richards, who has been chief executive for 10 years, will pick up a year’s salary along with the average of the last three years’ bonuses when he leaves Hammerson in October.

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