The chief executive of the UK’s largest property company Land Securities is to step down at the end of the financial year on 31 March 2012.
Francis Salway, who has led the REIT since 2004, will be replaced by Robert Noel, currently managing director of the company’s London portfolio.
Since joining the company in 2000, Mr Salway, 54, has delivered over eight million sq ft of development projects, including the One New Change shopping centre in the City and Princesshay in Exeter.
Mr Salway said: “I have had a wonderful eight years as chief executive of Land Securities, and I am delighted that our achievements as a board include a smooth succession process. The business is in very good shape and has strong leadership for the future. From a personal perspective, I now have the opportunity to fulfil my plan to take on a new challenge for the balance of my career.”
Mr Noel, 47, who joined the company from Great Portland Estates where he was property director, has led the company’s London team in starting several major developments.
He said: “I am delighted to be asked to take over as chief executive of Land Securities. The business enters 2012 well positioned with high quality assets, a strong balance sheet and an excellent team. We will build on these strengths and I am looking forward to working with my colleagues to make the most of the opportunities ahead.”
Mr Noel will assume the role with a salary of £680,000.