Paul Hadaway, the CEO of Empiric Student Property, a U.K.-based real estate investment trust focused on student accommodation assets, has had his employment with the company terminated with immediate effect. Accordingly, he has ceased to be a director of the company.
Tim Attlee, co-founder and chief investment officer, has agreed to assume the additional role of acting chief executive. Attlee will work alongside Lynne Fennah, chief financial officer, and together they will ensure the company remains fully focused on continuing to deliver the significant financial and operational improvements and cost savings arising.
“The board is confident that Empiric will continue to deliver on its operational efficiencies under Tim Attlee as acting CEO and Lynne Fennah as CFO, together leading the executive and operational teams,” said Baroness Dean, chairman of Empiric Student Property. “They have a deep knowledge of Empiric’s business and operations and have led on shaping and implementing its strategies. They are already implementing significant financial and operational improvements and cost savings arising from the company business review, which the board expects will deliver growth in operating margin, dividend cover and total shareholder return through 2018 and beyond.”
