The Board of Land Securities has announced that Mike Hussey is to leave the company at the end of June.

He has been with the company for seven years and for the past five years he has been Managing Director of its London division.

Alison Carnwath, Chairman said: "Mike has made an outstanding contribution to Land Securities. Whilst the company was preparing for a demerger, Mike was set to become the Chief Executive 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. All of the Board thanks him and wishes him every success in his future career."

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Mr Hussey said: "Following the decision not to demerge, it was clear that the company had some important objectives to deliver in volatile market conditions. I was delighted to work with colleagues to achieve these goals. With this done, I can move on with confidence in what I leave behind and excitement about what lies ahead."

(CD/JM)