Workspace poaches Capital & Regional boss as new CEO

Office provider Workspace has appointed Capital & Regional boss Lawrence Hutchings as its chief executive designate to replace its current CEO who announced his retirement in January.

Hutchings, who has been CEO at real estate group Capital & Regional since 2017, will replace Graham Clemett once his 12-month notice period is up, the companies announced on Wednesday.

"We are delighted to welcome Lawrence as our next CEO following a rigorous process," said Workspace chair Duncan Owen.

"With over 30 years' deep experience in the real estate industry and significant expertise in customer-centric operating businesses, Lawrence is ideally placed to take the role. The board and I look forward to working with Lawrence as Workspace continues to evolve its flexible offer in a growing part of the market."

Clemett, who announced his intention to step down in 2024 after 16 "hugely enjoyable years", said in a statement that Hutchings is a "great appointment to lead Workspace in the next stage of its growth".

Meanwhile, Capital & Regional said it would start a formal process to find a successor, but thanked Hutchings for the "significant contribution he has made to this company over the past seven years".

Workspace shares were down 0.9% at 536p by 0905 BST, while Capital & Regional fell 0.8% to 51.81p.