Jerry Speyer is to step down as joint chief executive of New York real estate giant Tishman Speyer.
He will remain as chairman of the company but will no longer share the chief executive role with his son Rob, who will now take sole responsibility for the job.
In a memo to staff, Speyer said the change was designed to “ensure the smooth evolution” of the business.
It said: “This is a natural progression in the leadership of the firm and one that also reflects the reality of the way we have been running the business since becoming co-chief executives seven years ago. As leaders of a private enterprise, we believe strongly in the importance of shaping our own future. This means progressive change without losing the continuity of experience and management that is one of our key strengths.”
The business is best known for its New York portfolio, which includes such iconic assets as the Rockefeller Centre.
It is also an active investor and developer globally, with a London portfolio that includes 33 Holborn, EC1; 100 New Oxford Street, WC1; the Point in Paddington, W2; and Verde, SW1, a refurbishment of the former Communities and Local Government headquarters at Eland House.
