Thursday, 17 April 2014

Genesis chair to step down in September

The chair of Genesis will step down in September due to other commitments.

Adrian Bell has been chair of the group for nine years. He said he had decided to stand down because of increasing calls on his time as head of a new debt advisory and origination business.

‘I am very proud of what has been achieved at the group during my period as chair,’ he said.

‘As the annual accounts for 2009/10 will show, Genesis has emerged from the challenges of the financial and property markets over the last three years in good health, while the plans for its future structure and operations are well advanced under its new chief executive, Neil Hadden.

‘It is, therefore in good shape to meet the challenges and opportunities that will be presented in the next few years’.

He said working for the new business, Evolution Securities, places a ‘serious restriction on the time available’ for his other responsibilities and creates a possible conflict because his new organisation develops its business with both housing associations and their funders. 

Mr Hadden said: ‘The board is particularly appreciative of the time and effort he has put into the group, especially over the last two years. On a personal level I am grateful for his support since my appointment last year.’

Mr Bell will step down at the Genesis’ annual general meeting in September.

Readers' comments (2)

  • ... "new head of debt advisory and origination business".

    Evolution Securities is an investment bank, or as that sector has been described by some, the casino end of the banking spectrum.

    So Adrian Bell, chair of a social housing group, is off to become a banker.

    A statement of poignant significance as to how he and many of his peers in social housing think about their jobs.

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  • Or a more stark reality check of where social housing funding will likely be coming from in the future, although not limited to investment banks. Liam Byrne's comment will reverberate for many years to come.

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