Sir George Iacobescu is to step aside from his role as chief executive of Canary Wharf Group after more than two decades in the role.
He will remain as executive chairman of the firm, while Shobi Khan, who was most recently most president and chief operating officer of General Growth Properties, will take over as chief executive.
GGP was acquired by Canary Wharf Group joint owner Brookfield last year for more than $15bn last year.
Prior to GGP Khan was US chief investment officer of real estate investment adviser Bentall Kennedy, while earlier in his career, he served as senior vice resident, investments for Equity Office Properties where he completed over $20bn of global property and M&A transactions.
Iacobescu will step down in October when Khan joins but will remain involved in all aspects of the business with direct responsibility for development and construction as well as external relations.
Iacobescu said: “I have decided, with the support of the board, that this is the right time to split the roles of chairman and chief executive. Canary Wharf has firmly established itself as the fastest growing financial centre in Europe; this new leadership structure will further support its continued expansion.
“The company is entering a new phase as we seek to diversify our development and management activities, as well as expand through new projects and new locations. We are in a strong position with more than 30 years of development, construction and management experience to further develop Canary Wharf and to take on new major development opportunities.”
He added: “The role of chief executive of Canary Wharf Group is one of the most prestigious jobs in the real estate sector. We have completed an international search and have found an exceptional candidate in Shobi. Together we look forward to strengthening our leadership team and preparing the company for the next phase of its growth.”
Khan, who has more than 30 years’ experience in the real estate sector, said: “Canary Wharf is one of the most iconic developments in the world and CWG’s reputation and development track record speaks for itself.”
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