01 May 2020
Appointment of non-executive director
intu properties plc (‘intu’) is pleased to announce the appointment of David Hargrave as non-executive director with effect from today’s date.
David brings to intu deep professional experience of working with businesses of all sizes which are undergoing change or restructuring. He will also take up the role of Chief Restructuring Officer as intu works through its strategy to fix the balance sheet.
He is a qualified Chartered Accountant (Fellow of Chartered Accountants Australia and New Zealand) with 33 years of experience in Transaction businesses of Big-4 accounting firms. Throughout his career, David has led processes of change or restructuring within companies by active engagement with their stakeholders.
David was a partner at EY from 2008 to 2019 and prior to that he worked for PwC from 1987 to 2007, the last 7 years as partner.
John Strachan, intu's chairman, said:
"I am delighted to welcome David to the Board of intu. He brings a wealth of highly relevant experience from business turnarounds and restructuring. This will be of significant benefit as we work towards fixing the balance sheet and we look forward to his contribution to the Board's deliberations.”
David Hargrave will not be independent upon appointment to intu. Consequently intu will not be compliant with the UK Corporate Governance Code in respect of the balance required on the board, excluding the Chairman, of 50 per cent independent directors and 50 per cent non-independent directors. The Board will keep this matter under close review. David does not own any shares in intu and no other matters require disclosure under LR 9.6.13 R of the FCA Listing Rules in relation to his appointment to intu.