Land Securities boss to bow out next year

The chief executive of property firm Land Securities will retire next year, the company has said.

Robert Noel, who will have served eight years at the helm by the time of his departure, will continue his role until a successor has been appointed and a handover period completed.

Mr Noel said: “Next year I will have spent 10 years at Landsec, eight as chief executive. With the business well positioned for the current market, a growing pipeline and a clear strategy for the future, it’s the right time for me to move on.”

His time at the company has included overseeing major projects such as the “Walkie Talkie” skyscraper in the City of London and the new Westgate shopping centre in Oxford.

Analysts at Liberum said he had overseen a “significant transition in the portfolio” by reducing risk.

“While the change will inevitably cause some disruption Landsec remains well placed with an experienced wider management team,” they said.

The board is set to commence a formal search for a successor, with the aim of Mr Noel leaving the company some time in 2020.

Chairman Cressida Hogg said: “Under his leadership Landsec has developed iconic buildings, especially in Victoria, in the City and at Westgate in Oxford. We respect his decision to retire after nearly eight years as chief executive and look forward to continuing to work with him until a successor is in place.”

It also follows the end of Mr Noel’s year as president of the British Property Federation (BPF), the trade association for UK residential and commercial real estate companies. He was succeeded by Grainger CEO Helen Gordon earlier this month.