Shares in Hammerson PLC (LSE:HMSO) fell 2.3% after the property developer said that chief executive Rita-Rose Gagné plans to retire in 2026.
The FTSE 250 group said she will remain with the business for the next 12 months, and that a "formal and thorough recruitment process" has is beginning to find her successor.
Chair Robert Noel said Gagné had made an "immense contribution" to the business since November 2020, driving a turnaround of the business to become the "largest UK-listed, pure-play owner and manager of prime retail and leisure anchored city destinations".
Gagné said: "We are successfully executing a clear growth strategy and have tremendous momentum for sustainable long-term value creation. With the business in great shape, a strong team, and significant opportunities ahead, it is an exciting time for Hammerson and the right time for me to pass on the baton."
Analyst Matthew Saperia at Peel Hunt agreed that she has led a "significant turnaround, including the disposal of non-core assets and the strengthening of the balance sheet" and noted that Hammerson trades on a 27% discount to spot NAV and offers a 5.8% yield for 2025.