Lynne Fennah, the former chair of charity homes provider Home REIT, will step down from her role as a non-executive director after the firm's financial results.
Fennah notified the company on Monday that she would step down from the board on the publication of its 2023 financial results, but would continue to assist the firm on "historic legal and [Financial Conduct Authority] matters".
The departing director stepped down from her role as chair this January after acknowledging the "deterioration in the performance of the company". She was replaced by current chair Michael O'Donnell.
Before she stepped down as chair in January, Home REIT reported in December 2023 that its property values were 42.26% less than the £977 million it paid for them.
Home REIT was one of the largest investment trust initial public offerings of 2020, raising £240 million.
Its difficulties began in November 2022 following a report from shortseller Viceroy Research that questioned its financial position including the valuation of its assets and the ability of its tenants to pay rent.
Confirmation on the timeline of Fennah's departure comes a few weeks after a managed wind-down of the trust was proposed by the board.
Home REIT confirmed in June that it was unable to refinance its £114.6 million of remaining debt with Scottish Widows. Its investment manager, AEW UK, is pursuing sales of remaining properties to pay off the firm's borrowings.
Fennah was also previously chief financial officer at Empiric Student Property and stepped down from that role in May 2022.