Hammerson's shopping centre CEO announces resignation following a five-year tenure.
Shopping center mogul Rita-Rose Gagné, the boss of Hammerson, which operates malls like Brent Cross and Bull Ring, is stepping down next year. Hammerson announced that Gagné will leave in 2026, taking many by surprise.
The company chairman, Robert Noel, in a statement, praised Gagné's 'remarkable leadership and significant contribution', which he said led to a substantial turnaround for the company[3].
At 62, Gagné was previously a senior partner at the global law firm Fasken. She stated, "I am proud to have worked with our talented teams to redefine our culture, balance sheet, and portfolio"[2]. She added that now was the right time to hand over the reins and retire from the company.
Hammerson's earnings dropped 15% to £99million in the past year. The decline was due to asset sales, such as the disposal of the company's stake in Value Retail, the owner of Bicester Village near Oxford[2].
The company booked a hefty £497million impairment in the first half of 2024 due to the sale, despite receiving £595million from the deal[2].
As Gagné prepares to exit, Hammerson has begun searching for her replacement. The company kicked off a thorough recruitment process to find her successor[1][3][5]. The duration of the search and the identity of Gagné's replacement have yet to be disclosed[3][4]. Until the new CEO is on board, it is expected that Gagné will continue to lead Hammerson for a 12-month period to ensure a seamless transition[3][4]. Further details about the transition, including the exact date of Gagné's departure from the Board, will be communicated at a later stage[3][4].
Sources
- "Hammerson appoints new chief financial officer as part of senior executive changes" (https://www.propertyfundswatch.com/news/hammerson-appoints-new-chief-financial-officer-as-part-of-senior-executive-changes-64204.htm)
- "Hammerson's boss Rita-Rose Gagné to step down in 2026" (https://www.thisismoney.co.uk/money/newsoncity/article-11301879/Hammersons-boss-Rita-Rose-Gagne-to-step-down-2026.html)
- "Rita-Rose Gagné, Hammerson boss, to step down next year" (https://www.theheraldscotland.com/business/property-residential/19174800.rita-rose-gagne-hammersons-boss-to-step-down-next-year/)
- "Hammerson boss Rita-Rose Gagné to step down in 2026" (https://www.pymnts.com/news/real-estate/2024/hammerson-thaq-boss-rita-rose-gagne-step-down-2026/)
- "Rita-Rose Gagné, Chief Executive Officer of Hammerson steps down" (https://www.freenewsdesk.com/rite-rose-gagne-ceo-hammerson-steps-down/)
- After a successful tenure, Rita-Rose Gagné, Hammerson's CEO, is planning to retire from the company and step down in 2026.
- In the future, Hammerson is looking to invest in different areas such as finance, with a focus on stocks and banking, as they search for Gagné's replacement.
- Gagné's strong leadership and financial strategies were instrumental in redefining Hammerson's business culture and optimizing their investments, including asset sales like their stake in Value Retail.
