SEGRO (LON:SGRO) today announced a number of senior leadership changes, with Phil Redding, Chief Investment officer, stepping down from the Board at the end of January and leaving the business at the end of April 2020 following the transitioning of his responsibilities.
Responsibility for disciplined capital allocation and portfolio planning will be integrated with a newly formed Strategy, Investment and Innovation function reporting to Soumen Das, Chief Financial Officer. Local investment activities will be embedded within the operating teams, alongside the existing asset management, leasing and development functions, reporting to the six Business Unit Directors under the leadership of Andy Gulliford, Chief Operating Officer.
Phil Redding joined SEGRO in 1995 and his most recent roles included Business Unit Director for the London portfolio and Chief Investment Officer since 2011. He has been on the Board since 2013. Whilst responsible for the London portfolio he had a major role in the acquisition of Brixton plc in 2009 and the acquisition of a 50 per cent stake in the Airports Property Partnership in 2010. As Chief Investment Officer, Phil had an instrumental part in SEGRO’s portfolio re-positioning exercise which saw the Group sell, acquire or develop more than £8 billion of real estate. He also led the creation of our SELP joint venture which has grown its assets under management from under €1 billion at inception in 2013 to over €4 billion today. More recently, Phil led the acquisitions of the Vailog and Roxhill development platforms.
Phil Redding said:
“I am proud of everything achieved over the past 24 years and particularly the work of the Investment Team since 2011. I leave the portfolio in great shape and wish everyone at SEGRO well for the future”.
As required by s430(2B) of the Companies Act 2006, details of the remuneration payments to be made to Phil Redding will be published on the Company’s website when he steps down from the Board.
David Sleath, SEGRO Chief Executive, said:
“Phil has played a key role in the development of the Group, particularly over the past decade and he deserves much credit for the high quality, well-positioned portfolio that SEGRO now owns. My Board colleagues and I will miss his contribution and, particularly his clear, thoughtful and structured thinking. We thank him for everything he has achieved and wish him well for the future”.
“Looking ahead, the creation of a new Strategy, Investment and Innovation function will enable us to build on our clear and consistent strategy and our well established, disciplined approach to capital allocation. It will help us to become more agile in supporting our customers and other stakeholders, and to embrace the unprecedented level of change arising from the technological revolution”.