Workspace Group CEO Resigns as Shareholder Calls for Wind-Down

Leadership Changes at Workspace Group

Jan 19 (Reuters) - Workspace Group said on Monday that its chief executive officer, Lawrence Hutchings, is stepping down and would be replaced by The Office Group's co-founder, Charlie Green.

The London-focused flexible office-space provider also named Tom Edwards‑Moss as CFO-designate to take over on February 23, with outgoing finance chief Dave Benson staying on until April 30 to ensure a smooth handover.

The moves come after major shareholder Boaz Weinstein's Saba Capital, which holds about 13.5% of Workspace, had urged it to pursue a managed wind-down, citing persistent challenges around share prices, refinancing, and shareholder register structure.

New CEO and CFO Appointments

"Charlie Green's deep expertise in growth strategies and operational performance ideally positions him to accelerate the execution of our existing strategy", Workspace Chair Duncan Owen said in a statement.

Shareholder Influence on Company Strategy

The London-listed company's shares had fallen 10.5% in the last 12 months, as of Friday's market close. It had reported a pretax loss of 71.1 million pounds ($95.18 million) for the six months to September 30, as budget uncertainty led to delays in leasing decisions by businesses.

Saba Capital did not immediately respond to a Reuters request for a comment.

($1 = 0.7470 pounds)

(Reporting by Ankita Bora in Bengaluru; Editing by Rashmi Aich)