New River is one of Britain’s biggest shopping centre owners
New River Reit has promoted Allan Lockhart to the top job after his father, David, stepped down as chief executive to become executive deputy chairman.
The FTSE 250 company is among Britain’s largest owners and managers of convenience stores and discount shopping centres. It specifically targets shoppers who visit often to buy household essentials.
The company said that David Lockhart, its co-founder and former Chief Executive, had come back to New River after a period of ill health since August but would become deputy chairman.
The company defended the decision, stating that 14 external candidates were considered alongside two internal candidates. They were all “put through a thorough benchmarking and assessment exercise” before a recommendation went to the board.