Hammerson CEO David Atkins to leave after a decade

The FTSE 250 company said Atkins would stay in the job until spring 2021 at the latest while the board seeks a replacement. Hammerson, which owns the Birmingham Bullring, said Atkins took the decision with the agreement of the board.

Like other commercial properties Hammerson has been plunged into turmoil by the Covid-19 crisis, which has put extreme pressure on retail customers and raised the prospect of empty offices as people shift to working from home. The UK is also in the grip of the worst recession since the second world war.

Atkins said: "The current environment, exacerbated by the impact of Covid 19, is undoubtedly the most challenging we have faced as a business. I feel now is the right time to search for a new chief executive, a person who can not only lead the business as we emerge from this period, but also into its next chapter."

Hammerson, which also owns Brent Cross shopping centre in London and designer outlet Bicester Village, scrapped its final dividend in March after rent payments declined by two-thirds. The £400m sale of seven shopping centres, part of an attempt to shift away from retail, collapsed in April after the buyer pulled out of the deal.

David Tyler, Hammerson's chairman, said: "I would like to thank David for his enormous commitment in leading Hammerson during the past decade. He has led the company with ambition, passion and integrity, creating a culture that will live far beyond his time."