Intu shares slump as CEO David Fischel resigns

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Intu CEO resigns

The chief executive of Intu shopping centres has announced his intention to leave his post, prompting shares in the retail property giant to slump.

David Fischel has been at the helm of Intu since 2001 and with the company since 1985.

He will remain in the post and on the board until a successor is found.

The 60-year-old had initially planned to step down once the £3.4 billion merger with Hammerson had been completed.

The tie-up proposal was ditched three months ago shortly after French property giant Klépierre made two approaches for Hammerson.

When it revealed its half-year report to the City today, Intu said it had incurred costs of £6.3 million linked to the now-abandoned merger, mostly for lawyers’ and advisers’ fees.

Fischel said Intu has since moved on from the collapsed deal and has had a resilient first half, despite swinging to a £503.4 million loss compared to a profit of £122.7 million during the same period of last year.

The loss recorded in its half year along with the resignation of Fischel also prompted Intue’s shares to slump.

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