Unite Group promotes Richard Smith to CEO

Unite Group has promoted its managing director of operations Richard Smith to chief executive officer, as incumbent Mark Allan has decided to join St Modwen.

In a statement on Thursday, the company said Smith's promotion takes effect from 1 July. Allan, who has been with Unite Group for 17 years, including ten as CEO, will remain with the company in an advisory capacity until 31 October to support Smith and ensure a smooth transition.

The incoming CEO joined Unite in 2010‎ and has been a member of the group's board since January 2012, when he was appointed as managing director of operations.

In this role, he has led operational delivery and service provision to the group's 46,000 customers, launched the Home for Success programme which has successfully strengthened the business' market leading position and financial performance; and been at the forefront of establishing and building key relationships with university stakeholders.

Prior to this, Smith spent 18 years in the transport industry, working in the UK, Europe, Australia and North America. He also spent 13 years at National Express where he held a range of senior finance, strategy and operations roles, including group development director and chief financial officer, North America.

The business continues to trade positively and in line with management expectations, Unite Group said.

At 1636 BST, Unite Group shares were down 0.39% or 2.50p to 633.00p.