23rd Nov 2018 08:19
LONDON (Alliance News) - Derwent London PLC on Friday said Founder & Chief Executive John Burns will move into the role of non-executive chairman in the spring, with Property Director Paul Williams promoted to chief executive.
Robert Rayne will retire as chairman after 12 years on May 17 next year, upon which he will be succeeded by Burns for a period of two years. Williams will assume the CEO post on the same day.
Derwent London said intends to appoint an independent chairman after the completion of Burns's two years as chair. It said its major institutional shareholders are supportive of thee board changes.
Shares in the London-focused commercial real estate company were trading 0.8% higher at 3,045.00 pence each in morning trade.
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