LXi REIT announces new chairman, senior independent director

LXi REIT announced a number of changes to its board on Thursday, as part of a “thorough” succession planning process involving external consultants.

The FTSE 250 real estate investment trust said non-executive chairman Stephen Hubbard and non-executive senior independent director Colin Smith, who had both been with the company since its initial public offering in February 2017, had indicated their intentions to step down ahead of its 2022 annual general meeting, and resign as directors on the same date.

Accordingly, the company announced the appointment of Cyrus Ardalan as its chairman designate, with the intention to take over from Hubbard at a date to be confirmed before the AGM.

Hugh Seaborn, meanwhile, would become LXi’s non-executive senior independent director, taking over from Smith as at a date which would also be confirmed before the company’s 2022 meeting.

Ismat Levin, meanwhile, was also appointed as a non-executive director of the company.

LXi said all three new board members would also be appointed as members of the nomination, audit and management engagement committees.

“On behalf of the board, I am delighted to welcome Cyrus, Hugh and Ismat to the board,” said outgoing chairman Stephen Hubbard.

“They each bring a wealth of high calibre, complementary expertise and extensive experience that will further strengthen the board and be hugely valuable to the Company. We very much look forward to working with them.”

Regarding his departure, Hubbard described his time as LXi chairman as a “privilege”.

“Much has been achieved, and the company is well-positioned to make further progress and continue to deliver enhanced value to shareholders.”

At 0909 GMT, shares in LXi REIT were up 0.68% at 148.6p.