Hammerson has appointed Rob Wilkinson as chief executive.
Wilkinson will join the Board on 15 December as CEO designate and will take up the role from 1 January 2026.
He will succeed Rita-Rose Gagné, who will retire from Hammerson in 2026 after five years, as the company announced in June. Gagné will continue to lead the business during 2025, the UK REIT said in a stock market filing.
Wilkinson joins Hammerson from AEW Europe, where he has served as the chief executive for more than 11 years. He joined AEW in 2009, initially serving as chief investment officer in Europe until he was appointed CEO. He was a non-executive director at Grainger from 2015 to 2023 and has been a non-executive director of Derwent London since 2024. He brings 30 years of experience in real estate investment markets having previously worked at Goodman Group, Eurohypo and UBS. A qualified chartered accountant, he holds a degree in law from the University of Cambridge.
Hammerson said the appointment follows a thorough recruitment process, supported by an independent executive search firm.
Robert Noel, chair of Hammerson, said in a statement: "Rob is an established and proven real estate leader who brings a wealth of experience and a track record of delivering shareholder value. Through a rigorous recruitment process, Rob stood out from a strong field of candidates as someone who was able to translate strategic insight into shareholder value creation through exceptional leadership."
Rob Wilkinson added: "I am honoured to have been appointed as CEO of Hammerson and look forward to working with the team. Under Rita-Rose's leadership the company has completed a major turnaround of the portfolio and restructured the balance sheet, firmly establishing Hammerson in a new phase of growth. I am excited to continue this journey, advancing the company's unique portfolio of prime retail and leisure anchored city destinations."
Hammerson said Wilkinson's gross annual salary will be £620,000 and his pension allowance will be 10% of base salary. He will be eligible to participate in Hammerson's annual incentive plan and restricted share scheme in accordance with the remuneration Policy. He will also receive awards to compensate him for bonuses forfeited on leaving his previous employer. The aggregate value of the buyout awards will be £1,017,000 and such buyout awards will be granted over Hammerson shares.
Gagné joined as chief executive of Hammerson in 2020 when the shopping centres business had seen its share price fall dramatically as it faced the impact of online shopping on physical retail, and the emerging Covid-19 crisis. Under her leadership the business has focused on selling non-core assets and major cost reductions, as well as creating mixed-use urban centres around the city centre malls, and buying the stakes of joint venture partners. For a recent interview with Gagné about that strategy click here.
In 2020 Hammerson completed a major rights issue and a substantial refinancing was undertaken in spring 2021. A later focus on debt reduction through disposals has seen a 36% cost reduction programme to date and the implementation of a new operating model.
The disposal programme culminated in the sale of retail outlet owner Value Retail in September 2024, reducing net debt by a further 40% and, alongside the buyout of its joint partner at Westquay in Southampton, meant the loan to value improved from 46% at full year 2020 to 30% at fully year 2024. Net debt to earnings before interest, taxes, depreciation and amortisation improved from 14.1x to 5.8x over the same period.
Hammerson described this as a "turnaround" that enabled the company to return to a fully cash dividend in 2023 and improve returns to shareholders via an ongoing share buyback programme of up to £140 million and a commitment to a substantially higher dividend pay out ratio of 80%-85%.
It has been back in buying mode recently, taking full control of Brent Cross in north London and the Bullring in Birmingham.