Monday 23 September 2019

Hammerson names AIG exec as new CFO

The Dundrum Town Centre in Dublin is co-owned by Hammerson
The Dundrum Town Centre in Dublin is co-owned by Hammerson
Independent.ie Business Desk

Independent.ie Business Desk

Hammerson, which owns half of the Dundrum Town Centre, has appointed AIG executive James Lenton as its new finance chief, months after saying Timon Drakesmith would step down from the role this year.

Mr Lenton, whose LinkedIn page says he was chief financial officer of the United States insurer’s EMEA business and its European Group until June, will take over the role from October 1.

Hammerson and its peers are struggling with a tough retail environment in Britain, which has seen several high-profile chains close in the last year as consumer habits change and Brexit worries quell spending by shoppers.

Its latest earnings report showed a more than 12pc drop in net rental income for the first-half and its stock price has plummeted as much as 35pc since it spurned a £5bn takeover bid by rival Klepierre last year.

The company also walked away from a deal to buy smaller rival Intu Properties in the first half of last year.

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