Hammerson CEO announces retirement plan
She'll stay with the business for the next 12 months, 'bringing continuity while a successor is identified'. The company also said this timeframe 'will allow for a full handover and orderly transfer of her responsibilities' and that she and the leadership team 'are committed to facilitating a smooth transition and to ensuring that the delivery of Hammerson's growth strategy and operations continue at pace and without disruption'.
Gagné has been with the giant retail landlord — which owns key properties such as the Bullring, Cabot Circus and Dundrum Town centre — since late 2020. Hammerson said she's 'driven a substantial turnaround, transforming and strengthening Hammerson into the largest UK-listed, pureplay owner and manager of prime retail and leisure anchored city destinations. The company is now well positioned to continue to deliver growth and value creation'.
In fact, since she arrived, the company has sold a raft of non-core properties such as its retail parks, the Silverburn mall, Union Square, Victoria Leeds, Italie Deux in Paris, and its Bicester Village stake. But it has also taken full control of Westquay, and Brent Cross, invested in its core properties and reported a series of improving results.
Robert Noel, chair of Hammerson, said: 'On behalf of the board and the Hammerson team I would like to thank Rita-Rose for her outstanding leadership and immense contribution to the business since November 2020.'
Meanwhile Gagné added: 'We are successfully executing a clear growth strategy and have tremendous momentum for sustainable long-term value creation. 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.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion Network
16 hours ago
- Fashion Network
Burberry tops list of UK M&A targets in new Bloomberg survey
British companies, including Burberry Group Plc, dominate the ranks of European-listed firms seen as potential takeover targets, with discounted UK equity valuations making them increasingly attractive to buyers. London-listed stocks account for about 60% of companies mentioned in an informal survey conducted by Bloomberg News in July. The poll included 44 risk-arbitrage desks, traders, and analysts. Burberry, the iconic trench coat maker, was the most frequently cited company, selected seven times. UK stocks have remained favored M&A targets over the past year, partly due to their relative undervaluation compared to international peers. This has led to a series of delistings that have further reduced the size of the local stock market. London's FTSE 100 Index trades about 13% below the Euro Stoxx 50 Index and 41% below the S&P 500, based on valuation relative to earnings forecasts. In Burberry's case, there are signs that the brand is beginning to deliver on its turnaround plan under Chief Executive Officer Joshua Schulman. After back-to-back annual declines of 30%, the stock has risen 32% in 2025. According to Emmanuel Valavanis, an equity sales specialist at Forte Securities in London, Burberry's brand equity could be attractive to a larger luxury group 'not afraid to pay up for bolt-on growth and an iconic label.' However, the transformation is not yet complete. 'Burberry's renewal effort still needs more work,' said Graham Simpson of Canaccord Genuity Quest, adding that a potential suitor would likely focus on extracting synergies. BP Plc and Anglo American Plc also featured among the leading UK takeover candidates, consistent with their inclusion in a similar January survey. Rightmove Plc, the online property portal, received four mentions after drawing multiple bids last year from Rupert Murdoch's REA Group. UK dealmaking 'roared back' in the second quarter, said Patrick Sarch, head of UK public M&A at law firm White & Case LLP, in July. 'We anticipate more bids for UK companies from US and corporate bidders, and that the financial services, infrastructure, natural resources, and tech sectors will continue to be active,' Sarch added. Outside the UK, the recent trade agreement between the European Union and the United States is expected to 'encourage corporates to go ahead with planned transactions,' according to Eric Meyer, head of RBC Capital Markets in Paris. Among continental names, Carrefour SA was a frequently mentioned target, cited four times by respondents. The supermarket chain is currently reviewing its portfolio to improve its valuation and recently divested its struggling Italian business. European banking M&A also remains active, continuing a trend from 2024. Commerzbank AG was again a popular name in the latest survey. UniCredit SpA, which has expressed interest in acquiring Commerzbank, increased its stake to about 20% this month. The move makes UniCredit the bank's largest shareholder, overtaking the German government, which remains opposed to a takeover. 'Bank deals are becoming more complicated,' said Nicolas Marmurek, co-head of special situations at Square Global Markets. 'Successful bidders will need strategy, timing, and just the right dose of political finesse.'
France 24
18 hours ago
- France 24
Musk's X accuses Britain of online safety 'overreach'
The Online Safety Act's "laudable intentions are at risk of being overshadowed by the breadth of its regulatory reach," X said in a post to its Global Government Affairs account. "A plan ostensibly intended to keep children safe is at risk of seriously infringing on the public's right to free expression," it added, arguing that the impact "shows what happens when oversight becomes overreach". Beyond the law, X criticised a separate new code of conduct for online platforms as "parallel and duplicative" as well questioning the free-speech impact of a new police unit tasked with monitoring social media. The social network nevertheless last week introduced formal systems for age verification in response to the British law as well as new rules in Ireland and the wider European Union. Its options range from estimating the age of a user based on the date their account was created or their email address, to requesting a selfie whose age would be determined by artificial intelligence, or uploading an official ID document. Media regulator Ofcom says such age checks -- required since July 25 -- must be "technically accurate, robust, reliable and fair". Platforms failing to comply risk fines of up to 18 million pounds ($24 million) or 10 percent of their global revenue -- whichever is larger. Serious infringers could be blocked from British territory. The fight over age verification to access sensitive content in Britain echoes months of debate in France over new rules requiring pornography sites to verify users' ages -- a step also required by many US states. While hailed by child safety campaigners, opponents say such requirements risk compromising legitimate users' privacy -- or even exposing them to scams such as identity theft if the personal details used to verify their age were to be hacked. Many people resort to virtual private networks (VPNs) to get around territorial restrictions on access to online content. The most popular free apps on Apple's UK download store since last week have been VPNs, with one, Proton, reporting earlier this week a 1,800 percent rise in downloads, according to British media.
France 24
19 hours ago
- France 24
Newcastle reject Liverpool bid for Isak: reports
Isak has been training at his old club Real Sociedad this week after reportedly telling Newcastle he wants to leave St James' Park. The 25-year-old has been linked with Liverpool since the end of last season and the Premier League champions are now believed to have formalised their interest with an offer of around £110 million ($159 million) plus potential add-ons. But Newcastle, who reportedly value Isak at £150 million, remain keen to hold onto their prize asset and have rebuffed Liverpool's initial bid. Isak, who joined Newcastle in a £60 million move from Real Sociedad in 2022, scored 23 Premier League goals last season to help Newcastle qualify for the Champions League. He has three years left on his Newcastle contract, but did not travel to Asia for the Magpies' ongoing pre-season tour, with the club saying he had a minor thigh injury. On Thursday, Real Sociedad confirmed he was at their Zubieta facility with his own trainers. It was reported on Friday that Newcastle had told Isak he could agree a new deal containing a get-out clause for next year, but he responded by insisting he wants to move now. Liverpool manager Arne Slot has already bolstered his attacking options by signing Eintracht Frankfurt striker Hugo Ekitike and Bayer Leverkusen playmaker Florian Wirtz during the current transfer window. But the Reds are keen to make their forward line even more formidable by adding Isak as they look to win back to back English titles for the first time since the 1980s. Newcastle boss Eddie Howe struck a defiant note earlier this week when he said: "He is still our player. He's contracted to us. "We, to a degree, control what is next for him. I would love to believe all possibilities are still available to us. "My wish is that he stays, but that's not in my full control." Liverpool have spent over £250 million so far in the summer window, with Milos Kerkez, Jeremie Frimpong and Giorgi Mamardashvili joining Wirtz and Ekitike at Anfield.
