UK: Richard Smith, CEO of student housing provider Unite, is stepping down after seven years in the role, and will be replaced by Joe Lister, who has been CFO since 2008.
Under Smith’s guidance, Unite expand significantly, with 157 properties owned and operated across 23 university towns and cities in the UK. The company joined the FTSE 100 in 2022. Smith is stepping down to pursue his personal interest in supporting the education and development of young people, including understanding issues that affect mental health.
He said: “It has been a privilege to lead Unite Students over the last eight years. I am proud that through our purpose of providing a Home for Success, hundreds of thousands of students have benefitted from the overall experience, value for money and extra support that our accommodation offers. With Unite in such a strong position, both financially and operationally, I felt now was the right time to step down and focus on my personal goal of helping improve access to education for young people. I would like to extend my thanks and best wishes to Joe and our excellent team who have worked so hard to get Unite to where it is today.”
Chairman Richard Huntingford said Smith had been “a driving force behind our successful strategy of aligning to the best universities where demand is highest and building Unite into a purpose-led, responsible business”.
Lister, who joined the company in 2002, will step up to his new role on January 1st 2024. He said: “Unite Students is poised to enter a significant period of opportunity, uniquely positioned to grow our platform and tackle the shortfall of suitable accommodation for students.”
The announcement came alongside a trading update which announced record 99.7 per cent occupancy for the 2023/24 academic year, alongside 7.3 per cent rental growth on the back of the ongoing strength of student demand.
Smith said: “The UK is increasingly short of suitable student accommodation as HMO landlords continue to leave the market at pace. The strong letting performance increases our confidence in delivering at least five per cent rental growth for the 2024/25 sales cycle and supports our property valuations as the market adjusts to an environment of higher interest rates.”
Smith, who joined the business in 2010 as deputy chief financial officer, will remain as an adviser to the board until September next year.
Other C-suite changes are scheduled, including the appointment of Michael Burt and Katherine Grafton as chief financial officer and deputy chief financial officer respectively.
