Derwent London PLC (LON:DLN) said its founder and chief Executive John Burns would move into the role of non-executive chairman in the spring, with property director Paul Williams taking over as the firm’s new chief executive.
The FTSE 250 real estate group on Friday said the moves followed Robert Rayne’s decision to retire from his 12 year-long role as chairman on May 17, 2019.
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Following Rayne’s retirement Burns will succeed him as chairman for a period of two years. Williams will become CEO on the same day.
The company said the changes have been backed by its major institutional shareholders.
Derwent said it would look to appoint an independent chairman after the completion of Burns's two years stint.
Shares in Derwent were 0.26% up at 3,030.00p in mid-morning trade.