Irish Residential Properties REIT’s chief executive Margaret Sweeney is set to step down after six years at the helm.
Sweeney, who is also executive director, is planning to retire from the listed landlord in April 2024. She has agreed to continue with the business beyond her six months’ notice period if necessary, to ensure an orderly handover period.
Sweeney joined the board as an independent director in 2016 and was appointed as chief executive in November 2017.
The process to appoint a successor will commence immediately. It will be led by the nomination committee.
The news comes as the REIT issues a trading update for Q3. Its LTV reduced to 41.9% on 30 September, from 44.6% in June. It has achieved around €96.5m (£84.4m) of its €100m disposals target.
Occupancy across the portfolio stood at 99.6% at the end of Q3, broadly static on the same point in Q2.
Declan Moylan, chair of IRES, said: “Margaret has made an outstanding contribution to IRES and has been an exceptional chief executive since assuming the role in 2017, with IRES establishing its position as the leading provider of quality private residential rental accommodation in Ireland.
“Under Margaret’s leadership, IRES delivered a significant transformation in scale, growing its portfolio by over 60% to circa 4,000 units, put in place new long-term funding structures and significantly strengthened the balance sheet.
“More recently, she led the successful internationalisation of the business, built IRES’s operating platform, including the successful implementation of a new technology platform, and integrated the business on acquisition of the management company in 2022. IRES continues to perform strongly as is clear from today’s trading update and Margaret leaves the business well positioned for the future.
“We are also grateful that Margaret has committed to an extended notice period to facilitate a successful transition to new leadership.”
Sweeney said: “It has been a privilege to lead IRES for the past six years and I am proud of the team and portfolio that we have built. The company has transformed over the last two years, in particular, becoming a fully integrated Irish company led by an experienced team with a market-leading operating platform.
“Having served for six years as chief executive, I believe that now is the right time to retire and support the transition to new leadership in 2024. I would like to thank the board, management, employees, shareholders, our banks and many other business partners for their support over the years and I am confident that the IRES team will continue to deliver successfully for all stakeholders.”
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