Hammerson finance chief steps down

THE finance head of landlord Hammerson is leaving after a share price slump, a botched merger bid and a revolt by investors.

Timon Drakesmith, who has held the position for eight years, will depart later this year after a successor has been appointed. shopping centre owner Hammerson has been hit as rental income dips because retailers struggle to attract customers due to a High street crisis.

Many tenants, including prominent chains such as New Look and Topshop, are looking for cheaper rents. The company, owner of Birmingham’s Bullring centre, faced humiliation in april when it abandoned a £3.4bn takeover of smaller rival Intu, after shareholders questioned the wisdom of the tie-up.

and nearly 30pc of Hammerson shareholders voted against executive pay this month. Chief executive David atkins took home £1.2m last year, while Drakesmith pocketed £785,000. Drakesmith said: ‘I have decided that now is the right moment for me to leave and plan the next phase of my career.’

Hammerson shares have fallen almost 50pc in the last 12 months.