Shaftesbury Capital slims down board as three non-execs leave

18th Dec 2023 07:25

(Sharecast News) - Shaftesbury Capital, the London-focused real estate group formed from the tie-up of Shaftesbury Plc and Capital & Counties, is saying goodbye to three board members as it works to slim down its organisational structure in the wake of March's merger.

Following last week's announcement that chief operating officer Chris Ward would be stepping down from the board and will not be replaced, the group said it is looking to reduce its executive team.

"Further board changes will be made reflecting the excellent progress on integration since completion of the merger between Capital & Counties Properties PLC and Shaftesbury PLC and the move towards a more efficient organisational structure," the company said in a statement on Monday.

Accordingly, non-executive directors Anthony Steains, Jennelle Tilling and Helena Coles have agreed to step down with effect from 31 January 2024. Both Coles and Tilling were on Shaftesbury Plc's board, while Steains worked at Capital & Counties.

"Anthony, Jennelle and Helena have played important roles on the board of the company [...] They made a significant contribution to the merger and the subsequent successful integration," the statement said.

Chair Jonathan Nicholls thanked the three for their "exceptional service", saying: "Their support, particularly through a period of significant change has been greatly valued and we wish them well for the future."

The company will be left with six board members: three non-executive directors, a chair, chief financial officer and chief executive.