The boss of Brent Cross and Bull Ring shopping centre owner Hammerson has revealed plans to step down in 2026 after five years in the top job.
Rita-Rose Gagne will stay in post as chief executive for the next 12 months while the group hunts for her successor and to ensure a smooth handover.
She took on the role in November 2020, joining from global real estate company Ivanhoe Cambridge, where she was president of growth markets.
Robert Noel, chairman of Hammerson, praised Ms Gagne’s “outstanding leadership and immense contribution” to the firm.
He said: “She has driven a substantial turnaround, transforming and strengthening Hammerson into the largest UK-listed, pure-play owner and manager of prime retail and leisure anchored city destinations.”
Ms Gagne said now was the right time to “pass on the baton” and retire from the firm.
“In 2026 I will have been with Hammerson for an incredible five years, during which time I have been privileged to work with our talented teams to transform our culture, balance sheet and portfolio, returning the business to growth,” she said.
“With the business in great shape, a strong team, and significant opportunities ahead, it is an exciting time for Hammerson and the right time for me to pass on the baton,” she added.
A trained lawyer, Ms Gagne’s early career saw her work as a senior partner at global law firm Fasken, covering real estate, infrastructure, corporate mergers and acquisitions.
Hammerson owns a raft of retail sites and real estate in the UK, Ireland and France, also including Cabot Circus in Bristol and Westquay in Southampton.
It saw underlying earnings fall 15% to £99 million last year after it offloaded some retail assets, including its stake in Bicester Village owner Value Retail to private equity firm L Catterton, backed by French luxury good giant LVMH (Louis Vuitton Moet Hennessy).
It booked a £497 million impairment in the first half of 2024 due to the sale, despite banking £595 million in cash from the deal.
The group at the time cheered a “transformative” year after the Bicester Village stake sale, which has allowed it to focus on its urban retail real estate and reduce debts.
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