Hammerson announces that Rita-Rose Gagné has informed the Board of her intention to step down and retire from her position as Chief Executive Officer of Hammerson in 2026.
She will remain with the business for the next 12-months, bringing continuity while a successor is identified. This timeframe will also allow for a full handover and orderly transfer of her responsibilities. The Board and Rita-Rose are committed to facilitating a smooth transition and to ensuring that the delivery of Hammerson’s growth strategy and operations continue at pace and without disruption.
Robert Noel, Chair of Hammerson, said, “On behalf of the Board and the Hammerson team I would like to thank Rita-Rose for her outstanding leadership and immense contribution to the business since November 2020. During this time, she has driven a substantial turnaround, transforming and strengthening Hammerson into the largest UK-listed, pure-play owner and manager of prime retail and leisure anchored city destinations. The Company is now well positioned to continue to deliver growth and value creation.”
Rita-Rose Gagné, Chief Executive Officer of Hammerson, said, “In 2026 I will have been with Hammerson for an incredible five years, during which time I have been privileged to work with our talented teams to transform our culture, balance sheet and portfolio, returning the business to growth. We are successfully executing a clear growth strategy and have tremendous momentum for sustainable long-term value creation. With the business in great shape, a strong team, and significant opportunities ahead, it is an exciting time for Hammerson and the right time for me to pass on the baton.”
Since her appointment as CEO in 2020, Rita-Rose has had a significant impact on the business, overseeing a number of key achievements:
- Fundamentally transformed Hammerson both strategically and financially, enabling a clear pathway to return to growth.
- Since the 2020 Rights Issue and the substantial refinancing undertaken in Spring 2021, Hammerson has executed a full transformation programme, taking the Company from distress through to growth. This included a focus on debt reduction through disposals, a 36% cost reduction programme (to date) and the implementation of a new operating model.
- The disposal programme culminated in the sale of Value Retail in September 2024, reducing net debt by a further 40% and, alongside the successful buyout of our JV partner at Westquay, meant LTV improved from 46% at FY20 to 30% at FY24. Net debt to EBITDA improved from 14.1x to 5.8x over the same period.
- The turnaround enabled the Company to return to a fully cash dividend in 2023 and further enhance returns to shareholders via an on-going share buyback programme of up to £140m and a commitment to a substantially higher dividend payout ratio of 80% – 85%.
