Land Securities has made two new appointments to replace executive director Richard Akers, who will step down in 2014.
Mr Akers will step down from the board at the end of this financial year in March 2014, however his position will not be directly replaced.
Instead, the property company will create two new managing director roles on the board for its retail and London portfolios.
Scott Parsons has been appointed managing director, retail portfolio and Colette O’Shea has been appointed managing director, London portfolio.
Mr Parsons and Ms O’Shea will oversee Land Securities’ operations with chief executive Robert Noel, chief financial officer Martin Greenslade and the human resources director and general counsel.
Mr Parsons has been Land Securities’ head of property in the London portfolio since 2010. Previously he held leadership positions at GE Capital, Brookfield Asset Management and Lloyds Banking Group.
Meanwhile Ms O’Shea joined the company in 2003 and is currently head of development in the London portfolio.
Commenting on his decision to step down, Mr Akers said “The business is in excellent shape and has a strong pipeline of leadership for the future. From a personal perspective, now is the right time for me to move on and fulfil my plan to diversify my interests into a portfolio of roles.”
He joined Land Securities in 1995 and was appointed to the board in 2005, initially as managing director of its retail portfolio.
Mr Noel said: “Richard has made an outstanding contribution to Land Securities during his time in the business.
“He has been unrelenting in driving the company forward and his experience and counsel have been invaluable. I wish him all the best for the next stage in his career.”