Mega-merger board and finance director named

Waqar Ahmed, currently finance director at L&Q, will reprise his role at the new 135,000-home organisation if the merger between L&Q, Hyde and East Thames goes ahead.

L&Q’s chief executive David Montague, and its chair Aubrey Adams, have already been named as chief executive and chair designate of the proposed landlord.

The three organisations will now work to develop a joint business plan, with the aim of completing the merger by the end of the year. A new name will be created in due course.

Elaine Bailey, currently chief executive of Hyde Group, will be deputy chief executive following the merger. Yvonne Arrowsmith will continue as chief executive of East Thames, which will be a subsidiary responsible for the east region.

Mr Ahmed said: “This merger is an exciting opportunity to combine three strong organisations and create something new in our sector.”

The landlords have pledged to build 100,000 new homes over 10 years through the merger – a 35,000-home increase on their current combined output.

The plan is for 50% of these homes to be affordable – a mixture of sub-market rent and low-cost homeownership – while the remainder will be for market rent and sale.

Of the 14-member board, seven members currently serve on L&Q’s board and six at Hyde. East Thames’ sole representative is current chair Tina Tietjen, who will join as a board member.