23 May 2024
HELICAL PLC
("Helical" or the
"Group")
MATTHEW BONNING-SNOOK TO
SUCCEED GERALD KAYE AS CEO OF HELICAL
Helical today announces that Matthew
Bonning-Snook, Property Director, will succeed Gerald Kaye as Chief
Executive of the Company at this year's Annual General Meeting
("AGM") in July. Gerald has informed the Board that, after 30 years
with the Company, he will be handing over his executive duties and
stepping down from the Board at the 2024 AGM. He will remain as an
external consultant having agreed to support on the delivery of the
Company's next best-in-class office developments at 100 New Bridge
Street, EC4 and Brettenham House, WC2.
Matthew has built a long and
successful career at Helical, having joined the business in 1995
and the Board in 2007, and been responsible for delivering a
significant number of highly profitable projects. The Board
believes he is well placed to lead the business through the next
phase of its development programme, which is focused on three over
station development ("OSD") schemes in joint venture with TfL's
Places for London, at 10 King William Street, EC4, Southwark, SE1
and Paddington, W2, in addition to 100 New Bridge Street, EC4 and
Brettenham House, WC2.
Richard Cotton, Chairman of Helical, said:
"On behalf of the Board I would like to pay
tribute to Gerald's outstanding contribution to Helical during his
long tenure as first, Development Director and, most recently, as
Chief Executive. Since he succeeded Mike Slade in 2016 he has
re-focused the business as a best-in-class developer in Central
London. Over this period he has had to contend with strong
headwinds, from Brexit, Covid and latterly the sharp upward
adjustment in interest rates. Throughout he has remained calm and
focused, helping the business to navigate the challenges while
always demonstrating a totally committed work
ethic.
"I am delighted that he has agreed
to continue in an external consultancy role, maintaining the strong
relationships with our important joint venture partners.
"The Board
has succession as one of its key priorities and Matthew's
appointment is an important part of this process. Matthew has built a highly impressive track record during
his near 30 year tenure with the Company, where he has been
responsible for identifying, funding and delivering multiple highly
profitable developments. Market conditions are challenging at
present and the share price performance has been reflective of
this, but the quality of our pipeline and partners give me
encouragement that we are well placed to deliver good shareholder
returns over the medium term. We have a clear strategy to do this
and I look forward to working closely with Matthew to implement
it."
Gerald Kaye, Chief Executive of Helical, said:
"It has been a tremendous privilege to lead a
business that has delivered some major and iconic London office
developments which are today being enjoyed by a diverse range of
businesses.
"I have worked alongside Matthew for
almost 30 years and believe he is the right person to succeed me as
Chief Executive of Helical. I know that he is fully focused on
realising profits from the Company's exceptional development
pipeline and I look forward to continuing to make my own
contribution to the ongoing success of Helical in a consultant
role."
Matthew Bonning-Snook, Property Director of Helical,
said: "Gerald and I have worked
together since 1995 and I am honoured to succeed him as Helical's
Chief Executive. I thank the Board for its support and look forward
to leading Helical during the next phase in its growth and to
working with Tim Murphy, Chief Financial Officer, and the rest of
the exceptional Helical team."
For
further information, please contact: