Grosvenor chief executive Mark Preston is to become executive trustee of the Grosvenor Estate, as part of structural changes in the company.
He will succeed Jeremy Newsum, who is retiring from a role which he has held since 1993. Newsum will continue as non-executive trustee for three years.
As well as becoming the fourth executive trustee since 1953, taking effect at the beginning of next year, Preston will remain chief executive.
Chief financial officer Peter Doyle is being appointed the inaugural head of family investment and will report to Preston from January 2017.
Additionally, Graham Ramsbottom will remain as chief executive of Wheatsheaf Investments and also report to Preston.
The Duke of Westminster, head of the Grosvenor family, said: “Mark could not be more suited to the role of executive trustee.
“Many of the preoccupations here are – particularly with sustainability – are shared with the rural estates managed by our family investment office and with the food and energy businesses in the Wheatsheaf Investments Group, and Mark knows the issues and teams well. I have absolutely no doubt he will swiftly get to grips with this wider portfolio and the Grosvenor Estate will benefit from his wider leadership.”
