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Large developer appoints new chief executive
Listed developer and contractor Watkin Jones has appointed a chief executive with immediate effect.
Alex Pease has taken on the role permanently after serving as interim chief executive since July.
Mr Pease joined Watkin Jones in 2010 and became group investment director in 2013. He was appointed chief investment officer in 2021 and joined the company’s board in 2022.
He became interim chief executive in July after the departure of Richard Simpson, who had been in the post since January 2019.
Watkin Jones said Mr Pease had led the business through “a critical period during which the markets in which the group operates have faced significant challenges”.
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During his time as interim chief executive, the developer sold three private rented sector assets, took action “to better align its cost base” and “made progress against a number of important operational initiatives”.
Watkin Jones develops rental properties with a particular focus on affordable housing and purpose-built student accommodation (PBSA).
Mr Pease said: “Watkin Jones is a fantastic business, with talented and dedicated employees. The PBSA and BTR [build-to-rent] sectors are amongst the most attractive asset classes in real estate, and whilst we continue to face short-term macro-economic headwinds, I have no doubt about our ability to navigate through these successfully and return the group to profitable growth.”
The new boss will provide an update on his work and strategic plan for Watkin Jones in January 2024 alongside the group’s full-year results, when details of his pay arrangements will also be published.
Alan Giddins, chair of Watkin Jones, said: “Over the last four months, as interim chief executive, Alex has shown his ability both to lead Watkin Jones and think strategically about the future direction of the business.
“While the board ran a full search process, which included a number of strong external candidates, it was clear that Alex was the outstanding candidate for the role. I and the board very much look forward to working with Alex and the rest of the executive team to deliver on the full potential of Watkin Jones.”
In June, Watkins Jones was involved in a deal with Legal & General and Clanmil Housing Association to forward fund a BTR development in Belfast with £155m.
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