Land Securities announced on Friday that Robert Noel is stepping down as chief executive, just 10 days after the property developer reported a first-half loss.
Mark Allan, chief executive of St Modwen Properties and former boss of student accommodation company Unite, has been appointed as Noel’s replacement.
“I am delighted to announce that Mark is to join Landsec as our next chief executive,” said Land Securities chairman Cressida Hogg.
Land Securities, the UK’s largest commercial landlord, has an £13.8bn property portfolio including Bluewater shopping centre in Kent.
The company recently posted a first-half loss after a string of store closures hit the developer.
Land Securities has been refocusing its portfolio towards its profitable London business as it grapples with struggling regional assets.
Allan will take up the role before June next year, and the company said Noel’s departure date would be announced in due course.
Land Securities announced in July that Noel would retire after ten years at the company and eight as chief executive.
Hogg praised Noel’s “successful leadership of Landsec” and “continued commitment to the business.”
“Landsec is an iconic property company with a fantastic heritage and I am delighted to have the opportunity to lead it,” said Allan.
“The world of real estate is undergoing significant change and I am confident, with the skills and experience already in place, that great opportunities lie ahead. I am looking forward to working with everyone at Landsec, the Board and its partners and customers.”
Land Securities’ shares rose 0.51 per cent in morning trading following the announcement.