Directorate Change

RNS Number : 1365G

British Land Co PLC

17 October 2008

 



Chris Gibson-Smith to become Interim Executive Chairman 

The Board of The British Land Company confirmed today that Stephen Hester will resign as a director and leave the Company on 15 November 2008 to join The Royal Bank of Scotland.  Chris Gibson-Smith will become Executive Chairman from today  while the Company progresses its CEO succession plans.

The Board has asked its Nomination Committee to lead the search for a new CEO and an executive search firm will aid the process. Both internal and external candidates will be considered.

Chairman Chris Gibson-Smith said: "Stephen has done an excellent job at British Land and we wish him well in his new role. He leaves a resilient company which is well positioned to deal with the current economic conditions. The British Land management team is very experienced across property and finance and has ensured that the financial and operating characteristics of the Company are among the best in the industry."

Date: Friday, 17 October, 2008

Notes to Editors:

• Chris Gibson-Smith joined British Land as a non-executive director in January 2003 and was appointed Non-Executive Chairman in January 2007. Chris was Chairman of National Air Traffic Services (NATS) from 2001 - 2005, Group Managing Director of BP from 1997-2001, a Director of Lloyds TSB from 1999 - 2005, and Director of Powergen from 2001-2002. He has been Chairman of the London Stock Exchange since 2003. 

• British Land's Nomination Committee comprises Chris Gibson-Smith, Robert Swannell, Senior Independent Director and Chairman of the Audit Committee, and Lord Turnbull, Chairman of the Remuneration Committee.

Media enquiries:

British Land

Laura De Vere: [phone]. Mobile: + 44 (0) 7739 292920

Finsbury:

Ed Simpkins/Faeth Birch: [phone]

Investor Relations:

Amanda Jones: + 44 (0) 207 467 2946

 

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