British Land names news CEO as Chris Grigg exits
Shopping centre owner British Land has appointed Simon Carter, currently chief financial officer, to succeed longtime CEO Chris Grigg, who is set to leave his role following delivery of the company’s 2021 interim results in November.
Ultimately, Grigg will exit the company he helmed for over 11 years at the end of 2020.
British Land, which holds a portfolio of retail destinations across the UK including Meadowhall in Sheffield and Drake Circus in Plymouth, gave no reason for Grigg’s departure in a statement on Thursday.
He leaves the company at a tough time for retail landlords, with British Land collecting only 36% of retail rents in the June quarter due to the coronavirus crisis.
Chairman Tim Score said: “[Grigg] has been instrumental at putting placemaking, sustainability, design excellence and a focus on the customer at the heart of how we do business. Under Chris's leadership British Land has consistently created outstanding places, best demonstrated by our mixed-use London campuses Broadgate, Paddington and Regents Place.”
During Grigg’s tenure, British Land realigned its retail portfolio towards mixed-use properties in response to structural changes in the retail sector. Recent investments include 100 Liverpool Street in London, where the company has built 90,000 sq ft of retail space. Tommy Hilfiger, Gant, Reiss, Watches of Switzerland and The Body Shop are opening stores there this year.
Simon Carter, who is taking up his new duties in November, has been the chief financial officer at British Land since returning to the company in May 2018. He has a broad range of experience within the real estate and finance sectors, having previously held senior roles at Logicor, the pan-European logistics warehouse business, and Quintain Estates & Development.
Commenting on his appointment, Carter said: “Like many businesses, we face short-term challenges because of the current covid crisis, and we continue to respond to the longer-term structural changes in the way people are using real estate. I am convinced however that this brings opportunity and I am confident that with our expert teams and world class assets we are well placed to continue the evolution of British Land and deliver sustainable value over the long term."
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