Robert Noel the chief executive of Land Securities has announced he is to retire next year.
He has served eight years at the helm by the time he retires and will stay in his role until a successor has been appointed.
He said, “Next year I will have spent 10 years at Landsec, eight as chief executive. With the business well positioned for the current market, a growing pipeline and a clear strategy for the future, it’s the right time for me to move on.”
Analysts at Liberum said Noel had overseen a “significant transition in the portfolio” by reducing risk.
They added, “While the change will inevitably cause some disruption Landsec remains well placed with an experienced wider management team.”
Chairman Cressida Hogg said, “Under his leadership Landsec has developed iconic buildings, especially in Victoria, in the City and at Westgate in Oxford.
“We respect his decision to retire after nearly eight years as chief executive and look forward to continuing to work with him until a successor is in place.”