Palace Capital’s executive property director has become the latest board member to step down from the firm.
In a statement this morning, the London-listed property investment company said Richard Starr “has decided that now is the right time to step down from the board with immediate effect”. He has been with Palace for the past nine years.
He will leave the company on 30 September following an orderly handover period. His duties will be allocated between Daniel Davies, head of asset management, and Tom Hood, head of investment, both of whom will report directly to interim executive chair Steven Owen.
Owen said: “On behalf of the board, I would like to thank Richard for his dedication and commitment to Palace Capital over the past nine years. The board and staff wish him well.”
Palace lost three non-executive board members after it ditched plans to reinvent itself as a ‘regional brown office specialist’, buying offices with poor environmental credentials and turning them around. Its shareholders made it clear that they would rather it maximised returns by selling more assets.
It has since added New River’s co-founder Mark Davies as senior independent director.
The news of Starr’s departure comes just two months after co-founder Neil Sinclair stepped down as chief executive.
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