Land Securities announces that Paul Myners (58), former Chairman of Marks and Spencer Group PLC, will be joining its Group Board in September 2006 as a non-executive Director and Chairman designate. Land Securities' current Chairman, Peter Birch (69), is expected to retire in January 2007.
The search for a successor to Peter Birch was conducted by a Special Nominations Committee entirely comprising non-executive directors.
The Committee commented: "Peter has been instrumental in driving change across the Land Securities Group. As a result of his determination the Group introduced a new strategy and brought in new people which has resulted in sustained valued creation for shareholders and a doubling of the share price during his tenure. We would like to thank him for his tremendous contribution to the Group and wish him well in the future when he steps down in January next year.
"At the same time we would like to welcome Paul to the Board. We are delighted that Paul has agreed to join the Board bringing with him invaluable expertise gained through a distinguished career in the City and, more recently, as Chairman of Marks and Spencer. To be able to attract one of the City's most admired business leaders as our Chairman elect demonstrates the strength of the Group and how much it has prospered under Peter's leadership."
Source: Land Securities