Update: Senior director quits LandSecs

16th Jun 2009 07:22

Mike Hussey, the managing director of the London portfolio of property giant Land Securities is off to pastures new after the company abandoned plans to demerge parts of the business. LandSecs said the decision for Hussey to step down from the board and leave the company was by mutual agreement, following a major change in the strategic direction of the company.Last year the company was planning to split into three individually quoted entities comprising its retail property portfolio, its London portfolio and Trillium, its outsourcing arm, but the plans were mothballed in November after the company posted a £1.7bn loss.'Whilst the company was preparing for a demerger, Mike was set to become the chief executive of a major quoted property company. Demerger is no longer a strategic option for the company and following that decision it was agreed by the board and Mike that his future lay best outside the company,' said Land Securities' chairman Alison Carnworth.The London portfolio team at Land Securities will now report directly to Francis Salway, the company's chief executive. Hussey joined Land Securities in 2002 and was given a place on the board in 2004. He has been managing director of the company's London division for the last five years. Landmark properties in the company's £5.1bn London portfolio include Piccadilly Lights and Westminster City Hall.Trade magazine Building said Hussey was the driving force behind the £2bn Victoria Interchange project which is presently awaiting planning consent, and suggested his departure means the company has no immediate plans to return to new development.