Excel chief to take new role

Excel chief executive Iain Shearer is to stand down as chief executive, only seven months after the £250m venue opened.

Excel chief executive Iain Shearer is to stand down as chief executive, only seven months after the £250m venue opened. In his new role as deputy chairman he will be responsible for property developments at the Docklands site, including new hotels. Excel has appointed headhunting firm Spencer Stuart to find a replacement with operational experience. “I am first and foremost a property developer, not a venue manager, and it is now time to find the right dedicated person to take on that role and concentrate on the halls and our organiser’s expectations,” Shearer said. The move follows a report by international rating agency Fitch which revealed Excel had fallen short of its net revenue predictions. In late June the company had to return to its major shareholders to ask for an extra £20m to cover cash shortfalls for the year. Meanwhile, Excel commercial director Keith Greetham is to leave the venue in September. Greetham, who played a leading role in raising the initial funding for Excel, has joined forces with the venue’s architect, Mike Moxley to form a new outfit, Venue Consultants. The new venture will offer a venue development service comprising feasibility studies and building design, through to finance procurement and core team recruitment.

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