Business
Directorate change
Derwent London plc announced that Chief Executive Paul Williams intends to retire after a 38-year career with the company, having served as Chief Executive since 2019. A search for his successor will begin immediately, with Williams remaining in his role until a replacement is appointed. The company, which owns a £5.2 billion portfolio of central London commercial real estate, highlighted its strong market position, development pipeline, and commitment to capital recycling as factors well-placing it to create shareholder value. Disclaimer*
About this update from Derwent London Plc
[{"type":"text","content":"\n\n \n\n\n\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \nDerwent London plc (\"Derwent London\" / \"the Group\")\nPAUL WILLIAMS, CHIEF EXECUTIVE, TO RETIRE\n\n\n\n\nDerwent London today announces that Paul Williams has informed the Board of his intention to retire as Chief Executive and Director of the Company.\nPaul will remain in his role until his successor is in place at which point he will step down from the Board.\nPaul's career at Derwent began shortly after the Company was founded in 1984. He was appointed as an Executive Director in 1998, with responsibility for leasing, asset management and development, and subsequently became Chief Executive in 2019.\nA thorough process to appoint a successor, led by the Chairman Mark Breuer, will commence immediately.\nMark Breuer, Chairman, commented: \n\"I would like to thank Paul for his dedication and commitment over the last 38 years. During his distinguished career, including his tenure as Chief Executive, he has made an outstanding contribution to Derwent London. With its market leading position, ongoing commitment to capital recycling and significant development pipeline, Derwent London is well placed to create significant value for shareholders.\"\nPaul Williams, Chief Executive, said:\n\"It has been a huge privilege to have been part of the Derwent story and to have had the opportunity to lead the business over the last six years. I am very proud of what we have achieved, positioning the business with world class assets in prime locations across London, attracting sustained and strong occupational demand. I would like to thank my fellow directors and all the team for their continued hard work and support. I remain fully focused on driving the performance of the business until my successor is in place.\"\nInformation equivalent to that required under section 430(2B) of the UK Companies Act 2006 will be made available on the Company's website at the time Paul Williams steps down from the Board and in the Company's 2025 Directors' Remuneration Report.\nFor further information, please contact:\n\n\n\n\nDerwent London\nTel: +44 (0)20 3478 4217 (Robert Duncan)\n\n\nMark Breuer, Chairman\nDavid Lawler, Company Secretary\nRobert Duncan, Head of Investor Relations\n\n\n\n\nBrunswick Group\nTel: +44 (0)20 7404 5959\n \n \n\n\nSimon Sporborg\nNina Coad...