UK property manager Grosvenor Group has announced a reshuffle of its leadership team, as part of succession planning.
Executive director Peter Vernon is to retire in September next year from the business which is owned by 7th Duke of Westminster - 28-year-old Hugh Richard Louis Grosvenor, who inherited it upon his father's death in 2016 and whose estimated wealth stands at €10 bn.
Craig McWilliam, Grosvenor Britain & Ireland chief executive, will become Grosvenor group CEO on 31 December 2020. Europe chief executive James Raynor will take on the role of Britain & Ireland chief executive on 30 September 2020.
Current group chief executive, Mark Preston, will continue as executive trustee of the Grosvenor Estate and become executive deputy chairman of Grosvenor Group, and also head of the family office. Sara Lucas, Grosvenor Europe executive director, becomes Grosvenor Europe chief executive on 30 September 2019.
Commenting on the announcement of his retirement, Vernon said: ‘Grosvenor has always been a values-led organisation determined to deliver commercial success and a positive impact on society. Every generation of leaders has sought to nurture this approach in all our people.
‘That is why, after 15 years, I am delighted to be able to hand over to such talented internal successors with the expertise to take the business to a new level and the commitment to keep Grosvenor’s values front and centre.’
Craig McWilliam said: ‘Grosvenor Group's longstanding commitment to London and communities outside the capital, and our significant international activities in over 60 cities, built over almost 70 years, make me incredibly proud to take up this opportunity next year.
‘My focus in the meantime is to see the UK business continue to be more open, more agile and more willing to restore public trust and participation in the planning system that shapes our towns and cities. We can strengthen our creation of long-term value globally by empowering our local expertise and engagement.’