Hammerson names AIG exec as new finance chief

Dundrum Town Centre owner faces tough retail environment in Britain

Dundrum Town Centre is part owned by Hammerson. Photograph: Matt Kavanagh

Dundrum Town Centre is part owned by Hammerson. Photograph: Matt Kavanagh

 

Shopping centre operator Hammerson on Wednesday appointed AIG executive James Lenton as its new finance chief, months after saying Timon Drakesmith would step down from the role this year.

Mr Lenton, whose LinkedIn page says he was chief financial officer of the US insurer’s EMEA business and its European Group until June, will take over the role from October 1st.

Hammerson and its peers are struggling with a tough retail environment in Britain, which has seen several high-profile chains close in the last year as consumer habits change and Brexit worries quell spending by shoppers.

Earnings

Its latest earnings report showed a more than 12 per cent drop in net rental income for the first-half and its stock price has plummeted as much as 35 per cent since it spurned a £5 billion (€5.4 billion) takeover bid by rival Klepierre last year.

The company, which part owns Dundrum Town Centre, also walked away from a deal to buy smaller rival Intu Properties in the first half of last year.

– Reuters