Newspaper article The Evening Standard (London, England)

Peace Reigns at LandSecs as Foolish Idea Is Finally Ditched

Newspaper article The Evening Standard (London, England)

Peace Reigns at LandSecs as Foolish Idea Is Finally Ditched

Article excerpt

THE tension between the saintly chief executive of Land Securities, Francis Salway, and his striving development director Mike Hussey was resolved this week with the latter leaving Britain's largest property company.

This final nail in the coffin of the misbegotten strategy to break the company into three bits was hammered in by the scary Alison Carnwath, who has been on the board since 2004 but who only became chairman in November 2008.

All three -- along with former chairman and now City minister Paul Myners -- share responsibility for the now abandoned idea of breaking up the [pounds sterling]9.4 billion business.

The bit that managed other people's property, Trillium, was sold for [pounds sterling]750 million last year -- about [pounds sterling]500 million less than hoped for. That left the [pounds sterling]5 billion of London offices destined to become a FTSE 100 plaything in the hands of Hussey, with Salway tending the [pounds sterling]4. …

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