TIDMUTG
RNS Number : 7411O
Unite Group PLC (The)
05 October 2023
PRESS RELEASE
5 October 2023
THE UNITE GROUP PLC
('Unite Students', 'Unite', the 'Group', or the 'Company')
CEO SUCCESSION & BOARD CHANGES
Unite Students, the UK's leading owner, manager and developer of
student accommodation, today announces that Richard Smith has
decided to step down as Chief Executive with effect from 31
December 2023. He will remain as an advisor to the business until
the end of September 2024 to ensure a smooth handover of
responsibilities and to provide advisory support on Unite's
relationships with higher education partners and government
stakeholders.
Richard steps down after 13 years with Unite, having been CEO
from 2016. During this time, the Company has grown significantly to
157 properties across 23 university towns and cities, providing
high-quality homes to over 70,000 students. Unite became a
constituent of the FTSE 100 Index in 2022. Richard is stepping down
to pursue his personal interest in supporting the education and
development of young people, including understanding issues that
affect mental health.
Following an extensive selection process supported by
independent consultants as part of the Board's succession planning,
the Board has appointed Joe Lister as Chief Executive, effective
from 1 January 2024. Joe steps into the role after 22 years with
Unite, including 15 years as Chief Financial Officer. The Board
regards him as an outstanding candidate ideally equipped to lead
the Company as it continues to execute on its proven strategy and
deliver valuable growth. While responsible for all areas of finance
as CFO, Joe has also played an integral role in delivering the
Group's investment strategy and has direct responsibility for its
property function.
Following Joe's appointment as CEO, Michael Burt, currently
Group Investment Director, will be promoted to Chief Financial
Officer, also effective from 1 January 2024. He will assume
responsibility for all areas of finance and brings with him a
wealth of experience in the sector. Mike joined Unite in January
2019 from equity brokerage Exane where he was head of real estate
research.
In addition, Katherine Grafton, currently Group Finance
Director, will be promoted to Deputy Chief Financial Officer,
effective from 1 January 2024. Other key members of the senior
management team include Karan Khanna, Chief Customer Officer, who
leads all aspects of operations for the business and will report to
Joe. Claire Barber, who joined the business earlier this year as
Asset Management Director, and Tom Brewerton, who leads the
property development team, will report to Mike.
Alongside this announcement, the Group has also today released
the latest fund valuations and a brief trading update.
Richard Huntingford, Chair of Unite, commented : "On behalf of
the Board, I would like to extend our sincere thanks to Richard and
acknowledge his significant achievements over the last eight years
as CEO. He has been a driving force behind our successful strategy
of aligning to the best universities where demand is highest and
building Unite into a purpose-led, responsible business. As a
result, we have seen significant and stable growth and are today an
established provider of choice for the UK higher education sector
with over 60 valuable university partnerships.
"We have an exciting future ahead and I am confident that under
Joe's leadership Unite is best placed to build on our successes to
date and continue its leading role in increasing the delivery of
much needed affordable student accommodation at a time when the
supply demand imbalance has never been greater."
Richard Smith added : "It has been a privilege to lead Unite
Students over the last eight years. I am proud that through our
purpose of providing a Home for Success, hundreds of thousands of
students have benefitted from the overall experience, value for
money and extra support that our accommodation offers. With Unite
in such a strong position, both financially and operationally, I
felt now was the right time to step down and focus on my personal
goal of helping improve access to education for young people. I
would like to extend my thanks and best wishes to Joe and our
excellent team who have worked so hard to get Unite to where it is
today."
Joe Lister said : "Unite Students is poised to enter a
significant period of opportunity, uniquely positioned to grow our
platform and tackle the shortfall of suitable accommodation for
students. I am hugely excited to be working with Mike and the wider
Unite team. We are committed to providing more students with the
quality, affordable accommodation they need through our pipeline of
development and asset management projects and working
collaboratively with university partners to unlock the potential of
their campuses."
Remuneration
The remuneration arrangements for Richard Smith's departure are
in accordance with the Remuneration Policy approved by shareholders
in 2022 and will be disclosed on the Group's website at the
appropriate time in accordance with section 430(2B) of the
Companies Act 2006 and also in the Directors' Remuneration Report
in the Company's 2023 Annual Report and Accounts.
Regarding Michael Burt's appointment as CFO, there are no other
matters to be disclosed under listing rule 9.6.13R.
ENDS
For further information, please contact:
Unite Students
Richard Smith / Joe Lister / Mike Burt Tel: +44 117 302 7005
Unite press office Tel: +44 117 450 6300
Powerscourt
Justin Griffiths / Victoria Heslop Tel: +44 20 7250 1446
About Unite Students
Unite Students is the UK's largest owner, manager and developer
of purpose-built student accommodation (PBSA) serving the country's
world-leading higher education sector. We provide homes to 70,000
students across 157 properties in 23 leading university towns and
cities. We currently partner with over 60 universities across the
UK.
Our people are driven by a common purpose: to provide a 'Home
for Success' for the students who live with us. Unite Students'
accommodation is safe and secure, high quality, and affordable.
Students live predominantly in en-suite study bedrooms with rents
covering all bills, insurance, 24-hour security and high-speed
Wi-Fi. We also achieved a five-star British Safety Council rating
in our last audit.
We are committed to raising standards in the student
accommodation sector for our customers, investors and employees.
This is why our Sustainability Strategy, launched in 2021, includes
a commitment to become net zero carbon across our operations and
developments by 2030.
Founded in 1991 in Bristol, the Unite Group is an award-winning
Real Estate Investment Trust (REIT), listed on the London Stock
Exchange. For more information, visit Unite Group's corporate
website www.unitegroup.com or the Unite Students' site
www.unitestudents.com .
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END
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