Paul Myers leaves Land Secs to become 'City' minister in UK

Paul Myners has stepped down 'with immediate effect' as director and chairman of Land Securities to take up the post of Under Secretary of State and Minister for the City at the UK Government's Treasury department. Land Securities, the largest real estate investment trust (REIT) in the UK, announced Myer's departure in a brief statement on Friday afternoon.

'The board thanks him for his valuable contribution to the Company and has initiated a process for the appointment of a successor to the role of chairman,' the company said. Senior independent director David Rough will lead the board's search for a successor.

Land Securities CEO Francis Salway announced plans earlier this year to demerge the company into separate listed entities for London offices and retail real estate. The plan calls for the company's outsourcing arm Trillium to be sold off. The break-up has been delayed by the credit crunch and Salway has said listing the group's component parts depends on more stability returning to the markets.