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Deputy chief executive of NHG steps down
The deputy chief executive of large London landlord Notting Hill Genesis (NHG) has stepped down from his role.
NHG told Inside Housing that John Hughes, also group director of development, announced to colleagues in June that he intended to step down.
He remained in the role until the end of last month to help with the transition to a new homes directorate combining development and sales, assets and sustainability under the leadership of Matthew Cornwall-Jones, chief homes officer at NHG.
NHG explained that this will allow all elements of the Better Homes strand of its Better Together strategy to be under one roof, helping the landlord to provide an improved service for new and current residents.
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Mr Hughes had been at the 67,000-home landlord for more than 20 years in a number of different roles.
Patrick Franco, chief executive of NHG, said: “John’s legacy over his time with Notting Hill Genesis and its predecessors cannot be overstated. He’s led the delivery of around 18,000 new homes, helping many thousands of Londoners to have a place they can call home.
“His leadership in winning crucial regeneration bids has resulted in significant investment for less affluent communities, improving opportunities for local people and creating stronger neighbourhoods.”
News of Mr Hughes’ departure comes as NHG temporarily suspended trading for five of its bonds on the markets.
The five bonds that have been suspended total £1.55bn in borrowing.
The landlord took the step after it announced late last week that it was delaying the publication of its audited annual accounts to review one-off items. Its annual accounts were published earlier today.
NHG said it will “promptly apply” for the bonds to be re-listed once its accounts have been released.
In unaudited accounts, published in June, the G15 landlord reported an annual deficit of £82m. This was due to £110m of write-downs related to building safety liabilities and asset impairments.
NHG has a relatively new chief financial officer. Mark Smith joined the landlord in April from NHS Property Services, which provides landlord and property services for 2,700 NHS buildings across England.
It is also looking to recruit its first chief governance and risk officer to maintain compliance with the regulator’s standards.
NHG currently has a G1/V2 rating, but has yet to be awarded a grade for consumer standards under the regulator’s new regime.
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