Michael Marx is to step down as chief executive of Development Securities in July following the group’s AGM.
He will be replaced by executive director Matthew Weiner, but will remain on the board as a non-executive until next year. Marx has been at DevSec for 21 years while Weiner has served on the board for 10 years.
Richard Upton, whose Cathedral Group was purchased by DevSec last year, becomes deputy chief executive.
The announcement came as Development Securities also announced a £10m (8p per share) special dividend prompted by the group’s strong cash profits from sales, including a deal for 399 Edgware Road, W2, for £35m, which realised £20m in profit.
