NewRiver chief executive steps down, replaced by son

David Lockhart, chief executive of real estate investment trust NewRiver, has decided to take a leave of absence from the company, citing ill health.

While Lockhart's health had continued to improve, upon considering his future involvement in NewRiver with its board, he eventually chose to pass the role on to his son, Allan Lockhart.

Allan has over 25 years' experience in the UK retail real estate market and co-founded NewRiver with David in 2009, having acted as the company's property director in addition to being responsible for the its acquisition and active asset management activity.

More recently, he oversaw the company's risk-controlled development portfolio and played an active role in NewRiver's investor relations programme.

David would remain with the company in the role of executive-deputy chairman.

Paul Roy, non-executive chairman, said, "During his time as chief executive officer, David has successfully guided NewRiver from its £25 million IPO on AIM in 2009 to become a FTSE 250 Premium Listed company with a high-quality portfolio valued in excess of £1 billion. I respect his decision to stand down as chief executive officer but I am delighted he is staying on in his new role, providing continued insight and experience to the group."

David Lockhart said "I am delighted to take up the post of executive deputy chairman and I feel I have much to contribute to NewRiver going forward. As co-founder, shareholder and colleague I want the very best for NewRiver and I look forward to playing an important role in the next stage of the NewRiver journey."

As of 0840 GMT, shares had lost 0.18% to 284.50p.