Entire Home REIT board commits to step down on publication of results as chair Fennah replaced
The filing contained no information regarding a potential publication for the delayed results.
According to a regulatory filing, Fennah has been replaced by Michael O'Donnell, although the outgoing chair will remain on the board as a non-executive director to «provide continuity».
£564m written off as Home REIT portfolio shrinks 58% in revaluation
O'Donnell currently sits as a director on the FTSE 250-listed Big Yellow Group, a self-storage company, and has held a large range of directorships over the past 15 years, including on Helical, a property developer.
He served for more than a decade as a managing director at LGV Capital, Legal & General's former private equity arm.
Prior to this, he worked as an associate director at Morgan Grenfell across its M&A, equity capital markets and private equity desk.
He said that while Home REIT «continues to face challenges», progress on «critical workstreams is now well underway».
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Fennah added that she shares «investors' frustrations at the events which have unfolded over the last 14 months and the deterioration in the performance of the company».
«With a new investment manager in place and the stabilisation of the company's portfolio and financial position ongoing, now is the right time to step aside,» she said. «Michael brings extensive restructuring, public company and sector experience together with a strong conviction in taking the business forward.»
The filing contained no information regarding a potential publication for the delayed results.
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