Chair of beleaguered Home Reit (HOME ) Lynne Fennah has stepped down and been replaced by Michael O’Donnell, a non-executive director and renumeration committee chair of FTSE 250 self-storage company Big Yellow Group (BYG).  

O’Donnell, who has also been on the board of Helical (HLCL), another property investor, has a background in private equity and ‘complex restructuring situations’, Home said in a stock exchange statement.

He has also chaired numerous businesses in challenging circumstances, several of which have had a significant real estate element and has some experience in social care and wider healthcare services, the company added.

O’Donnell will be joined by a fully refreshed board once the company’s delayed financial results are published, enabling shares in the homeless accommodation provider to return from a year-long suspension.

Earlier this year the company said the publication of the outstanding accounts would happen in early 2024 and the board said it was ‘committed to the restoration of the trading in the company’s ordinary shares as soon as it is practically possible’.

Shareholders have been calling for Fennah and the rest of the board to step down since the annual general meeting last August after a string of governance and communication failures and valuation scandal at the company.

At the time Fennah said replacing the board would have left shareholders in a difficult place and it was important to have stability until the company’s audited accounts for the period to the end of August 2022 were signed.

While those accounts have still not been signed Fennah said ‘now is the right time to step aside’ given a new investment manager is in place and the stabilisation of the portfolio is ongoing.

‘I recognise and share investors’ frustration at the events which have unfolded over the last 14 months and the deterioration in the performance of the company,’ she said.

AEW was appointed in May 2023 alongside company turnaround specialist Bill Starn. It is in the process of transferring leases and re-tenanting the portfolio with the expectation that more tenants will enter into liquidation in the short term.

O’Donnell commented that while Home continues to ‘face challenges’ there had been progress and the publication of audited results was a ‘key priority’.

‘I am committed to protecting the interests of all Home Reit’s stakeholders and look forward to meeting with them over the coming months,’ he added.