Intu hires non-exec director & aims to cut debt by selling stakes

365
Intu
// Intu hires Cheryl Millington as independent non-executive director
// Millington will be a member of Intu’s Remuneration, Audit and Nomination & Review committees
// She will replace Rakhi Goss-Custard on May 3

Intu’s recently-appointed chief executive Matthew Roberts has unveiled plans to sell stakes in the company’s shopping centres following a £1.41 billion devaluation.

The news comes as the shopping centre giant appointed Cheryl Millington as an independent non-executive director.

Millington will be a member of Intu’s Remuneration, Audit and Nomination and Review committees.

She is due to replace Rakhi Goss-Custard, who will stand down from the board during Intu’s annual general meeting on May 3.

Meanwhile Roberts, who will join Intu on April 29, will be responsible for reducing debt-to-assets ratio to below 50 per cent though disposals, part-disposals and introducing partners to assets.

He told Property Week that Intu would move away from owning 100 per cent of its centres and look instead to “own smaller stakes in the centre we’ve got”.

Intu shares have plummeted 46 per cent since December, and the retail landlord recently announced losses of £1.2 billion for 2018.

Meanwhile, Millington previously held roles in senior digital and technology leadership, and was most recently the chief digital officer at Travis Perkins where she had to design and implement the digital strategy across the group.

Before that, she worked as chief digital officer and a member of the executive board at Waitrose, as well as chief information and data officer at Asda.

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