British Land, the property large which has simply slipped out of the FTSE-100 index, is kicking off a seek for its subsequent chairman.

Sky News has learnt that the corporate, which owns Broadgate within the City of London and Sheffield's Meadowhall purchasing centre, is choosing headhunters to work on the method.

British Land's new chairman will exchange Tim Score, who has held the function since 2019 however faces being timed out underneath company governance guidelines by advantage of the truth that he has been on its board since 2014.

Sources mentioned the corporate deliberate to hunt shareholder approval at its forthcoming annual assembly for Mr Score to be re-elected as a director an additional yr.

That would imply he's prone to step down at its 2024 AGM, when he could have been on the board for ten years.

Mr Score can also be a director of the Football Association and deputy chairman of Pearson, the previous proprietor of the Financial Times.

British Land, which has a market worth of £3.3bn, has seen its shares slide by a 3rd during the last 12 months amid deepening investor issues concerning the business property sector.

It exited the FTSE-100 index this month, ending a 21-year run as a member.

The seek for Mr Score's successor is being led by Preben Prebensen, British Land's senior impartial director.

British Land declined to remark.

Content Source: information.sky.com