Unibail-Rodamco-Westfield (URW), one of the largest shopping mall companies, is making significant changes to its board and structure in a bid to enhance its agility. The company has appointed Chief Investment Officer Olivier Bossard and Chief Resources Officer Astrid Panosyan to its extended management board, which already includes Chairman/CEO Jean-Marie Tritant and CFO Fabrice Mouchel. Bossard will be responsible for reducing debt through asset disposals and implementing a resource allocation strategy to create value. Panosyan will lead the group’s organizational transformation efforts, focusing on increasing efficiency and effectiveness, prioritizing essential activities, and supporting URW’s CSR strategy, “Better Places 2030”.

To facilitate this restructuring, URW will decentralize its operations, giving more power to regional divisions and simplifying the corporate center. The company will establish four new enlarged European regions, allowing regional COOs to report directly to the CEO and have greater autonomy. In the United States, URW will tailor its operations to local market dynamics and customer preferences, with a focus on value creation. The corporate center will primarily concentrate on strategic resource allocation and performance monitoring. The CFO will also be instrumental in adapting the finance function to the new structure, strengthening controlling capabilities, and effectively monitoring performance.

Another important change is the appointment of Michel Dessolain as the temporary Chief Customer Officer. He will oversee strategic marketing, innovation, data, digital marketing, and new revenue streams. URW plans to hire a permanent CCO later this year to further enhance the company’s customer-centric approach, digitalization efforts, and utilization of data to drive growth. To support the management board, an executive committee comprising board members, regional COOs, and executive managing directors will be chaired by the CEO.

These structural adjustments demonstrate URW’s commitment to becoming a more agile and adaptable company in the face of current challenges and future uncertainties. By empowering regional divisions, streamlining the corporate center, and emphasizing value creation, efficiency, and customer-centricity, URW aims to position itself for long-term success in the evolving retail and real estate landscape.

Useful links:
1. Official website of Unibail-Rodamco-Westfield