Watkin Jones has appointed interim chief executive Alex Pease to the role on a permanent basis.
Pease has been in charge since the departure of former boss Richard Simpson in July following an announcement that the group was facing exceptional costs of up to £45m.
At the time, the build-to-rent (BTR) specialist said it would have to sell a “limited number” of non-core assets and increase its outstanding provision for repair works.
Last month, it cut its profit expectations, saying new cost pressures meant it only expected to break even in the year to the end of September.
Chairman Alan Giddins said Pease had led the business through a critical period which had seen significant challenges for the markets in which it operated.
Under his leadership, the group has completed the sale of three non-core private rental sector assets, taken steps to better align its cost base and made progress on a number of key operational initiatives.
“Over the last four months … Alex has demonstrated his ability both to lead Watkin Jones and to think strategically about the future direction of the business,” Giddins said.
“While the board conducted a thorough search process, which included a number of strong external candidates, it was clear that Alex was the outstanding candidate for the role.”
After joining Watkin Jones in 2010, Pease took on the role of group chief investment officer in 2013 and was appointed chief investment officer two years ago.
Watkin Jones said it does not intend to appoint a new chief investment officer, having already promoted former Cushman & Wakefield partner George Dryer from head of divestments to group chief investment officer in July.
Pease said the company, which specializes in affordable BTR and student accommodation, was well placed to regain momentum in a challenging context.
“The student accommodation and purpose-built BTR sectors are among the most attractive asset classes in property and, while we continue to face near-term macroeconomic headwinds, I have no doubt our ability to navigate it successfully and return the group to profitable growth.” He said.
