Richard Mully to succeed Martin Scicluna as Great Portland Estates chair

Great Portland Estates announced the appointment of Richard Mully as non-executive chairman on Monday, with effect from 1 February.

The FTSE 250 firm said Mully would succeed Martin Scicluna, who was retiring from the board on 31 January.

Scicluna joined the board in October 2008, becoming chairman in March 2009, with the company announcing his intention to retire from the board on 23 May this year.

Mully, meanwhile, joined the GPE board in December 2016, and had been appointed as chairman following a selection process led by the firm’s senior independent director, Charles Philipps, which involved consideration of candidates with the assistance of a “leading” search consultancy.

He would become Chairman of the nomination committee from 1 February, and would remain a member of the remuneration committee.

Great Portland’s board said Richard Mully was bringing a “significant wealth” of board and property experience as a non-executive director at Standard Life Aberdeen, deputy chairman of the supervisory board of Alstria Office REIT-AG, and previously serving as senior independent director at St Modwen Properties, ISG and Hansteen Holdings.

Following 12 years of banking experience focussed on property with County Bank and Bankers Trust, he spent 13 years as a principal real estate investor with Soros Real Estate Partners and Grove International.

“I am delighted that Richard has been selected to succeed me as chairman and I wish him and the Company every success,” said Martin Scicluna.

“It has been a privilege to serve on GPE's board for the past 10 years and I have thoroughly enjoyed working with Toby Courtauld and the GPE team.

“The company is in great shape with its robust financial position enabling management to continue to capitalise on both internal and market opportunities.”

Richard Mully added that, with management's strong track record, the quality of the portfolio and potential of the development pipeline, he was “looking forward” to working with the GPE team.

“On behalf of the board, I would like to thank Martin for his valued contribution and stewardship over the past 10 years,” Mully said.

“His wise counsel and collegiate approach both in and outside the boardroom will be missed.”