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Hyde installs finance boss as new chief executive
Hyde Group has revealed its current finance boss will be its new chief executive.
Group finance director Peter Denton will take the top job at the 50,000-home association on 12 September, following the retirement of Elaine Bailey after five years as group chief executive.
Ms Bailey is aiming to pursue a part-time portfolio career as a non-executive director.
Hyde said it had carried out a “highly competitive recruitment process” with “a large number of strong candidates from both within and outside the housing sector”.
Mr Denton joined Hyde in February 2017 from Starwood Capital Group after a 23-year career in European real estate.
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Hyde chair Alan Collett said: “It gives me great pleasure to make this announcement after a rigorous selection process.
“The board and I are confident that Peter is the best person to take Hyde forward in our ambition to deliver first-rate service to our 100,000 residents and to build as many homes as we can in London and the South East.”
As finance director, Mr Denton completed a £760m restructuring of Hyde’s finances in a process involving five banks. The association also recently borrowed £350m in an innovative move involving a ‘club deal’.
Hyde is aiming to deliver 8,400 homes over five years.
Mr Denton said: “I am excited about the road ahead and ensuring we deliver on our own ambitions, as well as contributing to sector ones.”
In an interview with Inside Housing last year, Mr Denton stressed his cautious approach to financial risk, saying he did not believe that many in the sector were taking the risk of an economic downturn seriously enough.
He also outlined his unorthodox approach to ownership, saying he would have no problem with Hyde managing properties on behalf of another organisation.
However, Mr Denton criticised the lease model that has become prominent in specialised supported housing, saying: “I have a very tough line on leases. Hyde will not take the new leases. Full stop. I don’t see why I should credit-enhance a deal with my credit rating.”
