The UK's second largest listed property company said 16 monthsago that the roles of chief executive and chairman would be split.The announcement followed a long battle with activist shareholderswho campaigned for the company to be brought into line withcorporate governance guidelines.
First choice Philip Yea turned down approaches in favor of topposition at venture capitalist 3i. "The search is progressing well,and the board will make an announcement as soon as the process iscomplete," Ritblat says.
Despite disappointing progress on the recruitment side, Ritblatgave shareholders much to cheer about. He promised the prospect ofmore acquisitions when he announced that the company was raising €1billion ($1.3 billion) in extra unsecured borrowing, bringing thetotal unsecured amount to €1.8 billion ($2.2 billion).
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