Property giant Land Securities PLC (LON:LAND) has parted company with Scott Parsons, the head of its retail portfolio.
He will remain at the firm to assist with transition though group chief executive Robert Noel will handle the retail portfolio for the time being. Lansdsecs added that Parsons has a notice period of 12 months and will be paid during this period and be entitled to a bonus for the year to March.
Rival groups have seen big write-downs in the value of their retail holdings in recent weeks due to the slump on the high street and growth in online shopping.
Shopping centre owner Hammerson revealed a loss of £268mln in 2018 after offloading £570mln worth of properties in the retail park sector.
Intu, which owns the Trafford Centre in Manchester and Lakeside in Essex, saw the value of its portfolio of 20 malls in the UK and Spain fall by £1.41bn in 2018.