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Two Top Directors Quit At Land Securities As Succession Battle Boils Over

LONDON-Land Securities, the UK's biggest property company, has been rocked by the departure of two top directors. Manish Chande will leave at the next Annual General meeting while Peter Walicknowski is to quit immediately.

By Graham Parker | Updated on December 21, 2001

LONDON-Two rising stars at Land Securities–Peter Walicknowski and Manish Chande–have quit unexpectedly. The move once again raises questions about Chief Executive Ian Henderson’s ability to groom a successor to take over at the helm of the UK’s biggest property company.

Land Securities directors have been mounting a semi-public succession battle, and Chande is reported in the Financial Times to have threatened to quit if Walicknowski was appointed heir apparent. Now both are leaving, leaving Finance Director Francis Salway as the most obvious successor.

Australian-born Walicknowski joined Land Securities as Director of Strategy and Business Development in September 2000, after having masterminded Lend Lease’s highly successful entry into the European market. Henderson said: ‘As Land Securities is only the second company Peter has worked for, he feels it is the right time to pursue a broader range of experiences…in Europe and elsewhere.’

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