Property investor steps down as CEO of REIT in favor of his son
The head of retail property investment group, NewRiver REIT is to step down from his role as chief executive after undertaking a leave of absence due to health concerns.
The company, which owns Central Square in Erdington and 5 Trinity Square in Hereford, announced in August last year that David Lockhart would be taking time out of the business.
In a fresh announcement, it said Mr Lockhart had now informed the board of his decision to step down from the CEO’s role full time.
It said: “David’s health has continued to improve but he has also considered his future involvement in the business. Following consultation with the board, David has made the decision to step down as Chief Executive Officer but maintain continued involvement at NewRiver as Executive Deputy Chairman.”
The change will be effective from May 1, 2018.
During his absence, the executive responsibilities at the company have been shared between David’s son, Allan Lockhart and Mark Davies.
Following an executive assessment process undertaken by external consultants, the NewRiver board said it had agreed to appoint Allan Lockhart as the new CEO in succession to his father.
The move will again be effective from May 1.
Mr Davies will remain as the company’s Chief Financial Officer, retaining all existing responsibilities and taking on an enhanced operational role.
In his new capacity as Executive Deputy Chairman, David Lockhart will support both men, advising on strategy, business development, investor relations and talent mentoring.
Allan Lockhart has over 25 years’ experience in the UK retail real estate market and co-founded NewRiver with his father in 2009.
As Property Director, he 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.
David Lockhart
Paul Roy, Non-Executive Chairman, NewRiver, said: “During his time as Chief Executive Officer, David has successfully guided NewRiver from its £25m IPO on AIM in 2009 to become a FTSE 250 Premium Listed company with a high quality portfolio valued in excess of £1bn.
“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.
“The board are confident (Allan) has the ability, determination and vision to lead the group.”
David Lockhart said: “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 said: “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.”
NewRiver acquired 202 pubs from Marston’s for £90m in December 2013, converting many of them to operate as convenience stores. A second link-up with a West Midland pubco in August 2015, saw it acquire 158 pubs from Punch Taverns in a deal worth £53.5m.
