Unite Group PLC (LSE:UTG) said that Thomas Jackson will step down as a non-executive director after the Canada Pension Plan Investment Board (CPP) reduced its shareholding in the student accommodation provider.
CPP sold its stake in the developer and manager of student housing down to just over 7%, below the 10% threshold for it to have a seat on the board.
A regulatory filing showed CPP Investments now holds 36.4 million voting rights in Unite, down from a previous holding equivalent to 14% of the company.
Jackson joined the board in 2019 following Unite's acquisition of Liberty Living from CPP Investments.
Jackson, managing director at CPP Investments, said: "CPP Investments values its constructive relationship with Unite and remains supportive of its strategic priorities."
Richard Huntingford, chair of Unite Group, thanked Jackson for "his valued contributions and support to the group as it has evolved its strategy over the past six and a half years".
