Empiric terminates chief exec

The board of Empiric Student Property has handed notice to Paul Hadaway, its co-founder and chief executive. Hadaway will be replaced as acting chief executive by fellow co-founder and chief investment officer Tim Atlee. Empiric said Atlee would work alongside chief financial officer Lynne Fennah to ensure “the company remained focused on delivering the significant financial and operational improvements and cost savings arising from the company’s business review”. Last month the company completed a business review, led by Fennah, which revealed that the company had put in place “significant financial and operational improvements and cost savings” and that Hadaway and Atlee had waived their bonuses for the year. Baroness Dean, chairman of Empiric said: “The board is confident that Empiric will continue to deliver on its operational efficiencies under Tim Attlee as acting chief executive and Lynne Fennah as chief financial officer, together leading the executive and operational teams. “They have a deep knowledge of Empiric’s business and operations and have led on shaping and implementing its strategies. They are already implementing significant financial and operational improvements and cost savings arising from the company business review, which the board expects will deliver growth in operating margin, dividend cover and total shareholder return through 2018 and beyond. “The board acknowledges and thanks Mr Hadaway for his significant contribution to the business and wishes him well for the future.” To send feedback, e-mail david.hatcher@egi.co.uk or tweet @hatcherdavid or @estatesgazette