Developer's former investment director takes over immediately from Tim Wheeler, who leaves the firm

Developer Brixton has announced the appointment of Peter Dawson as chief executive.

Dawson, 37, formerly the UK-based firm's investment director, will take up the position with immediate effect. He will succeed Tim Wheeler, who is leaving the company.

The board said it had chosen to change its chief executive in a bid to “ensure it has the most appropriate leadership in place for the long-term future of the company”.

Dawson said: “My immediate priority will be to secure additional financial flexibility for Brixton. Despite the unprecedented market conditions, I believe that we have a very strong future with our focus on prime industrial and warehouse property in strategic locations, a diversified tenant base, and excellent customer service and asset management.”

On 18 February, Brixton announced it was pursuing several options to provide additional financial flexibility.

The firm's share price dropped today to £23.25 - down nearly 14% from yesterday.