UK group The Crown Estate has announced that CEO Alison Nimmo will not seek a third term in December 2019 when she completes her second four-year tenure.
Nimmo said it was the right time for the change, as the company is about to embark on a transformational phase.
'We have now embarked on the next phase of our transformation to a business focused more on customer and strategic services, leveraging our scale and deep expertise,' said Nimmo. 'This transformation will need a CEO with a long-term commitment and so next year is the right time for me to "pass the baton" to a new leader.'
'Two full terms as Chief Executive will mark an exceptional and dedicated eight years during which time Alison has built a talented team, transformed the business and delivered outstanding results. I respect Alison’s decision and appreciate her giving us early notice so that we have plenty of time to find a successor, enabling a smooth leadership transition,' added Robin Budenberg, chairman of The Crown Estate, which runs the monarch's £14 bn land and property empire.