Grosvenor has appointed 38 year old Mark Preston to the key position of CEO of Britain and Ireland after announcing that the current holder, Stephen Musgrave, is leaving the business.
Preston, who joined the £4bn company that manages the Duke of Westminster’s commercial estate in 1989, is currently the president of its American operations.
Musgrave, 52, joined Grosvenor eleven years ago and was appointed chief executive of the £1.7bn UK business six years ago.
He said that he has no current employment plans, but that his “ears are open” to opportunities.
“I have agreed with the board that it is now the right time for me to hand on the management of the business.”
Chief executive Jeremy Newsum said Musgrave had made an “extraordinary contribution and had “evolved the company to give it the scale, scope and reputation we see today.”
Preston will return to the UK in April and Musgrave will leave at the end of June.
In the annual report the £420m US business was described as “having its most successful year.
Preston has worked in for Grosvenor in Hong Kong and as group fund management director.
References: EGi News 02/02/06
