LONDON (ShareCast) - (Sharecast News) - Hammerson has recruited former Land Securities chief executive Robert Noel as chairman to lead the board through the aftermath of the Covid-19 crisis.
Noel will take over at the owner of Birmingham's Bullring shopping centre no later than 1 October when David Tyler steps down after seven years. Tyler's departure means Hammerson's top two jobs will change hands after CEO David Tyler's decision to quit last month.

Noel is a real estate veteran, working at Great Portland Estates and Land Securities, where he was CEO for eight years before leaving in March. Tyler presided over Hammerson's failed attempt to buy troubled shopping centre operator Intu in 2018 after rejecting a £5bn takeover approach from France's Kleppiere.

Like other commercial property companies Hammerson has been plunged into turmoil by the Covid-19 crisis, which has put extreme pressure on retail customers and raised the prospect of empty offices as people shift to working from home. The UK is also in the grip of the worst recession since the second world war.

Noel said: "I am delighted to be joining Hammerson. The retail property sector is going through a period of unprecedented upheaval, but I look forward very much to helping the company steer through the challenges it is currently facing and capitalise on the significant opportunities ahead."

The company, which also owns Brent Cross shopping centre in London and designer outlet Bicester Village, scrapped its final dividend in March after rent payments declined by two-thirds. The £400m sale of seven shopping centres, part of an attempt to shift away from retail, collapsed in April after the buyer pulled out of the deal.

Non-essential shops are allowed to reopen on Monday after almost three months of shutdown but the retail sector faces severe doubts about its viability. Consumers are likely to be wary about spending money and travelling to shop at close quarters and the coronavirus crisis has speeded up the shift to online purchases.

Hammerson also said Des de Beer had joined the board. He is a non-executive director of Lighthouse Capital, a South African investor that has built a 15.1% stake in Hammerson.

Hammerson shares fell 1.9% to 108.55p at 12:10 BST. The shares have lost almost two-thirds of their value in 2020.

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