The chairman of British Land Company PLC (LON:BLND), John Gildersleeve, is to step down at the company’s annual general meeting (AGM) in July and be replaced by the chair of the audit committee, Tim Score.
Gildersleeve, who has served as chairman of the FTSE 100 property developer since January 2013, said he was leaving the business “well positioned for the future” and that “significant progress” had been made during his tenure at the firm, having served as a non-executive director from 2008 until taking the chairmanship.
His replacement, Score, previously served as chief financial officer of semiconductor maker ARM Holdings PLC and is currently a non-executive director at publishing group Pearson PLC (LON:PSON). He also served time as interim chairman at National Express Group PLC (LON:NEX).
Upon his appointment as chairman, Score would step down from the audit committee and be replaced by fellow member Rebecca Worthington.
"It is a privilege to be appointed Chairman of British Land. Since joining the Board I have seen first-hand the significant progress the business has made under John's Chairmanship and I am delighted to take on the role at such an important time for our business", Score said.
British Land’s AGM will take place on 19 July.
Gildersleeve’s exit follows what was a difficult first half for the group after its net asset value (NAV) dropped 2.9% over the period as a downturn on the high street weighed on its retail portfolio.
The firm had also remained cautious on its outlook, saying it expected the retail property market to “remain challenging in both the occupier and investment markets”.
In late-afternoon trading, British Land shares were down 0.2% at 593.2.