Richard Akers is to leave Land Securities after nearly two decades at the REIT.
Land Securities has confirmed that the executive director intends to step down from the board and will leave the business at the end of the financial year on 31 March 2014.
He will receive payments relating only to his contribution and performance as executive director up to that date.
Akers joined Land Securities in 1995 and was appointed to the board in 2005, initially as managing director of its retail portfolio.
Akers’ position as executive director will not be replaced directly at board level. Land Securities will establish an executive committee to oversee the company’s operations, comprising the chief executive, chief financial officer, general counsel and the human resources director.
Akers said: “I have had a wonderful and successful career at Land Securities and I am delighted that our achievements include great developments and the nurturing of a talented team. 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.”
Chief executive Robert 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.”
Scott Parsons has been appointed managing director, retail portfolio and Colette O’Shea appointed managing director, London portfolio, both new roles at the group.
Parsons has been head of property in the London portfolio since 2010. Prior to that, he held leadership positions at GE Capital, Brookfield Asset Management and Lloyds Banking Group.
O’Shea is currently head of development in the London portfolio. She joined Land Securities in 2003 and is responsible for delivering the company’s extensive current development programme in London including the transformation of Victoria, SW1. Prior to joining Land Securities she was head of estates at the Mercers’ Company.
