Hammerson CFO resigns following £268 million loss

By

Barbara Santamaria

Published
May 21, 2019

Timon Drakesmith is stepping down as CFO of malls giant Hammerson shortly after it reported a 6.2% slump in net rental income in a turbulent retail backdrop. But his exit and the slump don't appear to be directly linked as he won't leave until next year.

The company, owner of malls including Bullring and Victoria Gate, racked up losses of more than £260 million in 2018.

Drakesmith has resigned after eight years in the role, and will continue to be a member of the board until he leaves later in 2019, assisting with an orderly transition.

“On behalf of the board, I would like to thank Timon very much for his significant contribution to Hammerson. I have admired his hard work and commitment to both the business and its people. He will be leaving later in the year, with our best wishes for the future,” David Tyler, chair of the board said.

Drakesmith added: “I have very much enjoyed my eight years at Hammerson and there have been many highlights. I have decided that now is the right moment for me to leave and plan the next phase of my career. My experience here at Hammerson has been particularly enhanced by the many amazing people and I wish my colleagues every success and a great future for the business.”

He was also managing director of Hammerson’s Premium Outlets business, overseeing the company’s investments in Value Retail and the VIA Outlets joint venture.

In its latest results, Hammerson chief executive David Atkins said 2019 was a “tough year” for the company, with the structural shift in retail and weaker consumer spending putting pressure on property values.

The firm is trying to raise at least £500 million from disposals this year.