Property News Details - Hyprop CEO to resign

JOHANNESBURG - Hyprop Investments chief executive officer (CEO) Mike Rodel has decided to resign his position in March due to "differences of opinion" with the board.

In a stock exchange news service (SENS) announcement the retail property fund said "Mike Rodel will vacate his position after the annual results presentations in March 2011. The decision, which was mutual and amicable, was taken due to differences of opinion between Mike and the Board on operational issues".

According to the company's website it "boasts an investment portfolio currently valued in excess of R10.8 billion". The company operates in three segments shopping Centres, Offices and Hotels. Its primary assets include The Glen, Hyde Park, the Mall of Rosebank and Stoneridge shopping centres.

The company said "Mike has made a meaningful contribution to Hyprop during his tenure. The Board thanks him and wishes him much success in his future endeavors. An announcement in regard to a successor will be made in due course"

16/Feb/2011 - Moneyweb & Sens