Derwent London, the listed UK office specialist, has announced the appointment of property director Paul Williams as new CEO, succeeding founder John Burns who is taking a two-year chairman position.
Current non-exec chairman Robert Rayne will retire in May next year after 12 years with the group.
Williams, who will take over as new CEO in May, has been a member of the board since 1998 having joined the Group in 1987. He is a chartered surveyor and most recently has had overall responsibility for lettings, asset management and the delivery of Derwent London’s development projects.
Simon Fraser, senior independent director, commented: 'Robbie Rayne has led the board excellently since the Derwent Valley/London Merchant Securities merger in 2007. The business has gone from strength to strength reflecting the combined heritage of the group. The Board thanks Robbie for his guidance, wisdom and leadership and we wish him well in his continued focus with LMS Capital and his charitable interests. The decision to appoint John to take over as chairman from Robbie reflects John’s considerable experience together with his deep understanding of Derwent London’s culture.'