Derwent London reshuffles board

Derwent London will promote its property director to chief executive and its chief executive to chairman, after Robert Rayne gave notice that he will step down after 12 years in the role.

Rayne, who will retire from the non-executive chairman role at the end of May's annual shareholder meeting, will be succeeded by John Burns, the FTSE 250 company's founder and current CEO.

It is intended that Burns will remain in the chairman's role two two years before he is replaced by an independent chairman.

Property director Paul Williams will be appointed as CEO at the AGM in May, having been a member of the board for two decades. He recently has overseen lettings, asset management and development projects.

Derwent said it had consulted with its major institutional shareholders and found they were "supportive" of the changes.

"The board values the importance of retaining Derwent London's strong culture and the extensive experience of its senior management," said Rayne.

"Paul Williams has been an integral member of the management team with strong strategic, operating and property expertise and has built lasting relationships with our occupiers. He has the knowledge, skills and expertise to lead the business and will do an excellent job as chief executive."