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Empiric Student Property Oust Chief Executive Paul Hadaway

Posted by Richard Ward

Image courtesy of Flickr, Creative Commons

Empiric Student Property has terminated, with immediate effect, the employment of its Chief Executive Paul Hadaway.

Tim Attlee, co-founder and Chief Investment Officers, has agreed to assume the additional role of acting Chief Executive and will work alongside Chief Financial Officer Lynee Fennah.

In the company's latest trading update, the firm found what it described as "financial and operating inefficiencies within the Group and its supply chain", which adversely impacted the Group's performance.

Management will now implement a comprehensive action plan to correct the issues raised.

Commenting on the dismisal of Mr Hadaway, Chairman of Empiric Student Property, Baroness Dean, said: "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. 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.

"The Board acknowledges and thanks Mr Hadaway for his significant contribution to the business and wishes him well for the future."

The termination of Paul Hadaway comes less than three after the company scaled back its dividends and warned of disappointing lettings in Aberdeen and Cardiff.