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Workspace Group, the leading provider of commercial business spaces nationwide, announced on Thursday, Jan. 25, that its chief executive officer, Graham Clemett, will step down this year after five years in the office.
According to Reuters, while Clemett has been the chief executive of Workspace Group for the last five years, his actual tenure in the company is 16 years. Before becoming the CEO in 2019, he had served the firm as its chief financial officer.
Reason for the Executive’s Departure
It was revealed that Clemett is quitting to retire. He is already 63 years old and set to vacate his current post at a time when flexible space businesses like Workspace have already surpassed traditional landlords on the operational front in the United Kingdom in terms of business performance.
Most tenants prefer to sign short-term lease contracts to review their strategies periodically and decide if the space will still work for them amid the economic conditions. Clemett will officially leave Workspace once the company finds and appoints a new CEO. RTT News reported that the firm will commence the search process for Clemett’s successor, which chairman Duncan Owen will lead in cooperation with the Nominations Committee.
Remuneration for the Outgoing Chief
Workspace revealed that its pay package for Clemett will be based on the Remuneration Policy approved by the shareholders last year. The company will publish details about this on its website at a later date.
“On behalf of the Board, I would like to thank Graham who has been an excellent CEO and valuable member of the Workspace Board over a long period of time,” Workspace’s chairman, Duncan Owen, said in a press release. “We wish him all the best for his retirement and look forward to working with him until a successor has been found.”
Graham Clemett also said, “After 16 hugely enjoyable years at Workspace, firstly as CFO and the last five years as CEO, it feels the right time for me to announce my retirement. I am confident that, with the fantastic team we have across the business, Workspace has an exciting future and will continue to go from strength to strength.”
Photo by: Workspace Website
