Nigel Wilson steps down from Sunderland-based Gentoo
Nigel Wilson has stepped down as chief executive of Gentoo after almost four years in charge, during which he oversaw the Sunderland-based housing association’s climb from non-compliant to G1.
Nigel Wilson has left Gentoo
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Mr Wilson joined the 30,000-home landlord in January 2019. Gentoo was downgraded in 2017 after a governance breach, which related to severance payments that were made within its executive remuneration policy.
Mr Wilson worked on the transformation alongside Gentoo’s former chair, Keith Loraine, who was appointed alongside a number of new non-executives in March 2017, until his departure last year.
Gentoo was upgraded from non-compliant G3 to G2 in 2019, and earlier the same year had its credit rating raised by S&P from BBB+ to A while it was working towards the return to compliance. The group’s upgrade to G1 followed in November 2021.
Mr Wilson served as chair of Homes for the North from 2020 to 2022, the alliance of 17 housing associations in the North of England. He was also previously chief executive of Wythenshawe Community Housing Group and Parkway Green Housing Trust. No reason was given for Mr Wilson’s resignation from Gentoo.
Louise Bassett, executive director of corporate services at Gentoo, will replace Mr Wilson as interim chief executive with immediate effect.
Ms Bassett joined the social landlord seven years ago, first as a HR director, then worked in her most recent role in corporate services. Prior to this, she worked at pharmaceutical firm Merck for 14 years.
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Emily Cox, group chair at Gentoo, said: “Louise is a highly accomplished business leader, with over 20 years’ experience across senior private sector roles in consumer and healthcare organisations.
“She joined Gentoo Group seven years ago to assist with the organisation’s transformation project and is passionate about maximising the potential of all colleagues across the organisation.
“The board and I would like to thank [our stakeholders] for working alongside Gentoo in our joint commitment to improving quality housing in Sunderland. As a key stakeholder and anchor institution in Sunderland we are looking forward to continuing our important partnership with you in 2023.”
Gentoo maintained its existing regulatory grades of G1/V2 in December.
According to its financial results for the year to 31 March 2022, Gentoo posted a surplus of £4.3m, the same as the previous year.
The group’s turnover rose by £3.1m to reach £168.7m, driven by a £4m increase in income from social housing lettings and an £800,000 drop in income from properties developed for outright sale.
Meanwhile, Gentoo’s cost of sales and operating expenditure increased by £2.5m, due to paying £1.2m for repair costs for damage to properties from Storm Arwen, a £1.3m reduction in house sales and £2.3m increase in defined benefit pension costs.
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