Southern Housing names new chief financial officer

Southern Housing has announced that Tom Paul will be stepping in as chief financial officer next summer.

The 80,000-home housing association has confirmed that Paul, who is currently the executive director for strategy and change, will succeed Sarah Smith next year.

Smith, whose departure was announced earlier this month, will stand down next May.

Paul joined Amicus Horizon, one of Southern Housing’s predecessor organisations, as treasury director in 2012, with the organisation saying he is ”well known to colleagues and stakeholders including Southern Housing’s banks, credit rating agencies and bond investors”.

He was promoted to Southern Housing’s executive team in December 2022 with responsibility for treasury, integration and technology.

Paul said: “Southern Housing is a super organisation which does vital work to provide homes for people who need them. I’m honoured to be asked to take on this role and look forward to building on Sarah’s legacy of strong financial control and excellent stakeholder relations, and to delivering on our financial strategy.”

>>See also: Southern’s freeze on new development will last until financial circumstances improve, says CEO

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Smith, who is retiring from from full-time executive work but will continue with non-executive roles in the sector, has worked at Southern or its predecessor organisations for 16 years.

She currently sits on the board of developer Dolphin Living, charity Reall and Sustainability for Housing, as well as the Institute of Chartered Accountants in England & Wales’ social housing sub-committee and is vice chair of the National Housing Federation’s finance and policy advisory group.

She said: “There’s no one I’d rather hand over to than Tom. We’ve worked closely together for more than a decade and I know Southern Housing will be in safe hands with Tom as chief finance officer. He led our treasury strategy and financial planning, is extremely able, and is respected by colleagues and stakeholders alike.”

Paul Hackett, chief executive of Southern Housing, said: “I’m delighted that Tom will follow Sarah as Southern’s next chief finance officer. I would like to thank Sarah for 16 years of steering our finances with skill and integrity. I couldn’t think of a better successor than Tom. His appointment allows for a smooth transition, with Sarah reducing her hours from May 2025 until our financial statements are signed off later in the year.”

Hackett confirmed that Paul would become become chief finance officer designate in May and chief financial officer on Smith’s retirement.

Speaking at Housing Today Live in September, Hackett said that the housing association’s halt to new development beyond its committed programme, which it announced in August, would last until its cash interest cover has improved.

He explained that, in his 35 years working in the sector, this was the “toughest time” for housing association finances since the introduction of mixed funding in 1988.

“Capacity has been depleted by four years of rent cuts and a cap at below inflation last year,” he said, explaining that Southern had increased repair and maintenance spending by 31% over the past two years.

He said this increased spending pressure, combined with the background funding constraints,  had “impacted our capacity for new development”.