Andrew Cunningham, the chief executive of the UK’s largest listed residential property owner and manager, has announced plans to retire next year.
The board of Newcastle-headquartered Grainger plc published a stock market note detailing how Mr Cunningham intends to retire at the next AGM of the company in February 2016.
Mr Cunningham will have been with Grainger for nearly twenty years, and will have been CEO for seven.
The board said it is making the announcement now in order to give it the necessary time to carry out a search for his successor and to complete an orderly handover to the subsequent CEO.
Meanwhile, Ian Coull was set to be appointed chairman of the company at last month’s AGM but the move was delayed after he received medical advice preventing him from taking on the full responsibilities of the role at that time.
Since then, after being given additional medical advice, the board has agreed that Mr Coull will take a leave of absence from the business of the board.
Baroness Ford, currently senior independent director, has now been appointed permanent chairman with immediate effect.
Margaret Ford has served on the board of Grainger for the past six years and has over twenty five years’ experience in the residential property sector.
Baroness Ford said: “I would like to take this opportunity to thank Andrew for his commitment and fantastic contribution to the company over the past twenty years, building Grainger to the very strong position it is in today.
“Whilst of course we will be sorry to see Andrew go, we are left with ample time to look for his future successor and ensure an orderly handover.”