London boss to leave Land Securities following shelved demerger

Land Securities has announced that Mike Hussey is to step down as head of the UK REIT's London division and leave the company at the end of June.

Hussey has been with the company for seven years and has headed the London division for the past five years.

Land Securities chairwoman Alison Carnwath noted that prior to the onset of the credit crisis the company had planned to demerge its main divisions - London properties, retail and outsourcing specialist Trillium - into three separate listed companies. This would have led to Hussy becoming a CEO 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,' she said.

The London portfolio team will now report directly to Group CEO Francis Salway.