Land Securities has today announced the future management and organisational structure of the Group to be introduced by Francis Salway when he becomes Group Chief Executive on 14 July 2004. These changes will take effect from October 2004.
The Group´s intention is to focus its business on three sectors of the UK property market, namely retail, London office and property outsourcing. As a result the Group intends to divest its industrial portfolio, predominantly located in the south-east, which represents approximately 4% of its investment portfolio. Over the course of the next twelve months the Group will seek to realise the value of this portfolio through either asset sales or property swaps.
To support this enhanced focus the Group will be structured into three sector specialist groups and a new Senior Management Committee will be formed. This will comprise Francis Salway, Andrew Macfarlane - Group Finance Director, Mark Collins, and Ian Ellis - CEO Land Securities Trillium, together with Richard Akers and Mike Hussey who will be appointed to the roles of Managing Director, Retail and Managing Director, London Portfolio respectively. The Senior Management Committee as an entity will be distinct from the Land Securities Group Board.
Mark Collins, currently Chief Executive of Portfolio Management, will become Group Chief Operating Officer from 14 July 2004. As Chief Operating Officer, Mark will primarily be responsible for:
- Group business development;
- High return activities in non-core sectors, such as Kent Thameside;
- Investment portfolio services, encompassing property management, project management and legal services.
Commenting on the announcement, Francis Salway, Group Chief Executive designate, said 'We believe that this reorganisation will ensure an integrated approach to business development across our core sectors and strengthen our customer focus and I am very pleased that the promotion of Richard Akers and Mike Hussey to their new roles will assist this.
Mark Collins will have a key role as Chief Operating Officer ensuring that we exploit Group business development opportunities and the advantages of scale across our various activities.
We are confident that these moves will ensure that the Group remains at the forefront of the UK property industry, leaving us well positioned to continue to capitalise on our first class investment portfolio, extensive development pipeline and innovative accommodation solutions through Land Securities Trillium.¨
This announcement will have no effect on the structure of Land Securities Trillium nor will it affect Land Securities Group Services. Furthermore this restructuring will not result in any material changes to the presentation of the Group´s financial results this year.
Source: Land Securities
