LandSec Taps Myners for Chairman Role

LONDON-Paul Myners, former chairman of British retailer Marks & Spencer, will take the reins as the new chairman of Land Securities, UK’s largest property company. The current chairman, Peter Birch, is stepping down after eight years.

The decision to appoint Myners was made by a two-man nominations committee which included Stuart Rose, chief executive of Marks and Spencer and a non-executive director of the property group. The euro 365,371 ($460,034) a year appointment comes at a point when Land Securities is set to convert into a REIT on Jan. 1.

Myners, 58, will join the board on Sept. 1 and become chairman in January. He may choose to take a higher profile than Birch, 69, who has been less visible than the group’s chief executive Francis Salway. Birch’s departure comes at a period of change in the industry and follows Sir John Ritblat’s announcement he would retire as chairman of British Land.