REG - Unite Group PLC - CEO Succession & Board Changes

UniteAnnouncement

05/10/2023 07:00

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RNS Number : 7411O  Unite Group PLC (The)  05 October 2023

PRESS RELEASE

5 October 2023

THE UNITE GROUP PLC

('Unite Students', 'Unite', the 'Group', or the 'Company')

CEO SUCCESSION & BOARD CHANGES

Unite Students, the UK's leading owner, manager and developer of student
accommodation, today announces that Richard Smith has decided to step down as
Chief Executive with effect from 31 December 2023. He will remain as an
advisor to the business until the end of September 2024 to ensure a smooth
handover of responsibilities and to provide advisory support on Unite's
relationships with higher education partners and government stakeholders.

Richard steps down after 13 years with Unite, having been CEO from 2016.
During this time, the Company has grown significantly to 157 properties across
23 university towns and cities, providing high-quality homes to over 70,000
students. Unite became a constituent of the FTSE 100 Index in 2022. Richard is
stepping down to pursue his personal interest in supporting the education and
development of young people, including understanding issues that affect mental
health.

Following an extensive selection process supported by independent consultants
as part of the Board's succession planning, the Board has appointed Joe Lister
as Chief Executive, effective from 1 January 2024. Joe steps into the role
after 22 years with Unite, including 15 years as Chief Financial Officer. The
Board regards him as an outstanding candidate ideally equipped to lead the
Company as it continues to execute on its proven strategy and deliver valuable
growth. While responsible for all areas of finance as CFO, Joe has also played
an integral role in delivering the Group's investment strategy and has direct
responsibility for its property function.

Following Joe's appointment as CEO, Michael Burt, currently Group Investment
Director, will be promoted to Chief Financial Officer, also effective from 1
January 2024. He will assume responsibility for all areas of finance and
brings with him a wealth of experience in the sector. Mike joined Unite in
January 2019 from equity brokerage Exane where he was head of real estate
research.

In addition, Katherine Grafton, currently Group Finance Director, will be
promoted to Deputy Chief Financial Officer, effective from 1 January 2024.
Other key members of the senior management team include Karan Khanna, Chief
Customer Officer, who leads all aspects of operations for the business and
will report to Joe. Claire Barber, who joined the business earlier this year
as Asset Management Director, and Tom Brewerton, who leads the property
development team, will report to Mike.

Alongside this announcement, the Group has also today released the latest fund
valuations and a brief trading update.

Richard Huntingford, Chair of Unite, commented: "On behalf of the Board, I
would like to extend our sincere thanks to Richard and acknowledge his
significant achievements over the last eight years as CEO. He has been a
driving force behind our successful strategy of aligning to the best
universities where demand is highest and building Unite into a purpose-led,
responsible business. As a result, we have seen significant and stable growth
and are today an established provider of choice for the UK higher education
sector with over 60 valuable university partnerships.

"We have an exciting future ahead and I am confident that under Joe's
leadership Unite is best placed to build on our successes to date and continue
its leading role in increasing the delivery of much needed affordable student
accommodation at a time when the supply demand imbalance has never been
greater."

Richard Smith added: "It has been a privilege to lead Unite Students over the
last eight years. I am proud that through our purpose of providing a Home for
Success, hundreds of thousands of students have benefitted from the overall
experience, value for money and extra support that our accommodation offers.
With Unite in such a strong position, both financially and operationally, I
felt now was the right time to step down and focus on my personal goal of
helping improve access to education for young people. I would like to extend
my thanks and best wishes to Joe and our excellent team who have worked so
hard to get Unite to where it is today."

Joe Lister said: "Unite Students is poised to enter a significant period of
opportunity, uniquely positioned to grow our platform and tackle the shortfall
of suitable accommodation for students. I am hugely excited to be working with
Mike and the wider Unite team. We are committed to providing more students
with the quality, affordable accommodation they need through our pipeline of
development and asset management projects and working collaboratively with
university partners to unlock the potential of their campuses."

Remuneration

The remuneration arrangements for Richard Smith's departure are in accordance
with the Remuneration Policy approved by shareholders in 2022 and will be
disclosed on the Group's website at the appropriate time in accordance with
section 430(2B) of the Companies Act 2006 and also in the Directors'
Remuneration Report in the Company's 2023 Annual Report and Accounts.

Regarding Michael Burt's appointment as CFO, there are no other matters to be
disclosed under listing rule 9.6.13R.

ENDS

 

For further information, please contact:

 

Unite Students

Richard Smith / Joe Lister / Mike Burt
         Tel: +44 117 302 7005

Unite press
office
Tel: +44 117 450 6300

 

Powerscourt

Justin Griffiths / Victoria Heslop
               Tel: +44 20 7250 1446

 

 

About Unite Students

Unite Students is the UK's largest owner, manager and developer of
purpose-built student accommodation (PBSA) serving the country's world-leading
higher education sector. We provide homes to 70,000 students across 157
properties in 23 leading university towns and cities. We currently partner
with over 60 universities across the UK.

Our people are driven by a common purpose: to provide a 'Home for Success' for
the students who live with us. Unite Students' accommodation is safe and
secure, high quality, and affordable. Students live predominantly in en-suite
study bedrooms with rents covering all bills, insurance, 24-hour security and
high-speed Wi-Fi. We also achieved a five-star British Safety Council rating
in our last audit.

We are committed to raising standards in the student accommodation sector for
our customers, investors and employees. This is why our Sustainability
Strategy, launched in 2021, includes a commitment to become net zero carbon
across our operations and developments by 2030.

Founded in 1991 in Bristol, the Unite Group is an award-winning Real Estate
Investment Trust (REIT), listed on the London Stock Exchange. For more
information, visit Unite Group's corporate website www.unitegroup.com
(http://www.unitegroup.com/) or the Unite Students'
site www.unitestudents.com (https://www.unitestudents.com/) .

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