Property titan Sir George Iacobescu will step down from his executive role at Canary Wharf Group from next month, he has confirmed.
The driving force behind the business hub since its inception more than three decades ago has told staff that he will no longer be responsible for development and construction on the 128-acre estate, handing over the reins to chief executive Shobi Khan.
Iacobescu will continue as chairman, providing strategic guidance and representing the company to outside stakeholders. He was chief executive of the company from 1997 to 2011, chairman and chief executive from 2011 to 2019 and executive chairman since 2019.
He said: “I am immensely proud of everything that has been achieved at Canary Wharf. We took a piece of land that no-one wanted, and we have delivered one of the biggest regeneration projects the world has ever seen.”
“I am lucky to have been part of a great team of people who made this happen. The company is in excellent hands and is in good shape to continue its strong growth.”
Iacobescu has led construction at Canary Wharf since 1988, when Olympia & York started working on the development. Since then, the estate has been transformed into one of the world’s most important business districts, with 120,000 people commuting there daily before the pandemic.
Chief executive Shobi Khan said: “I am delighted that Sir George has decided to become chairman of Canary Wharf Group. He is a legend in the property industry, and what he has achieved here in Canary Wharf is known throughout the world.
“Sir George turned an unwanted empty dock into the most successful regeneration project in the world and permanently changed not just the skyline but also the geography of London. His success paved the way for the rebirth of Docklands and east London.”
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