Safestore ropes in David Hearn as its next chairman

Safestore Holdings announced the appointment of David Hearn as a non-executive director with effect from 1 December on Wednesday, and as its chairman with effect from 1 January.

The FTSE 250 company said Hearn would bring a “wealth of international board and senior executive experience” in public companies, having previously been CEO of consumer goods businesses Goodman Fielder in Australasia, United Biscuits in Europe and Asia, Cordiant in the US and the UK, and also international private equity and advisory firm Committed Capital.

He was currently chairman of The A2 Milk Company, one of the largest listed companies on the New Zealand stock exchange and also dual listed on the ASX in Sydney.

Since Hearn joined The A2 Milk Company in 2013, he had overseen its significant growth from a market capitalisation of around NZD 400m (£200.35m) to its present value of almost NZD 11bn.

He was also a director of Lovat Partners, Committed Capital and the architectural firm, Robin Partington and Partners.

Hearn was succeeding Alan Lewis, who announced his intention to retire from the board in January following five years as non-executive chairman, and more than 10 years as a member of the board.

Lewis would formally retire from the board on 1 January.

“The board would like to thank Alan for his extensive contribution, guidance and stewardship of Safestore over the past decade,” said chief executive officer Frederic Vecchioli.

“He has played an important role in overseeing Safestore's outstanding growth journey.

“During his five years as chairman, Safestore has delivered total shareholder return of more than 440%, making it the leading performer in the UK REIT sector and [the] fifth highest total shareholder return in the FTSE 250.”

Veccholi said Hearn would be an “excellent successor”, bringing a “proven track record” of chairing companies through significant expansion.

“His extensive experience and commercial knowledge will be invaluable to Safestore as we drive the business forward through our next phase of growth. I look forward to working closely with him.”

David Hearn himself described Safestore as “a market leader, adding he was excited to be joining the business at this next stage of its growth.

“I look forward to working with the Board and the executive team to capitalise on the clear opportunities that lie ahead.”

David Hearn would also be appointed as chair of the nomination committee with effect from 1 January, and as a member of the remuneration committee with effect from 1 December.