Legal & General’s Mark Creedy shocked the industry this week with his surprise decision to step down as managing director of L&G Property.
Creedy will remain with L&G and will take up a directorial role within the property team early next year.
He said: “I have made this decision on a personal basis. The end of next year is the right time for someone else to lead the business for the next period. I have been in the role for five years and would like to continue to be involved with L&G from a director position. It’s the right thing for the business – it is about planning succession in a positive way.”
The announcement of Creedy’s resignation on Tuesday shocked many who were unaware of his plans.
One competitor said: “His departure came as a total surprise to us. L&G doesn’t have many products but the business growth has gone quite well since he’s been there.”
Creedy, who took over the role as managing director from Stuart Beevor in May 2002, refused to comment on his new role, saying it would be discussed when a replacement was found. But he confirmed that he would continue to be involved in L&G’s two major current projects: the 970,000 sq ft redevelopment of Bucklersbury House on Queen Victoria Square, EC4, and the 400,000 sq ft St Giles Court near Centre Point, WC2, which is about to secure a funding partner.
Creedy has restructured L&G’s property business during his five-year leadership, setting up a number of funds, including the Arlington Business Parks Partnership.
L&G Property now manages or co-manages 15 funds, with an aggregate value that has more than doubled during Creedy’s reign from £5bn to £12bn.
Mark Creedy: “The end of next year is the right time for someone else to lead the business for the next period.”
