FTSE-100 property giant Land Securities to kick off hunt for next chair

One of the handful of female chairs of a FTSE-100 company is preparing to step down after serving on the board of Land Securities, the property giant, for nearly eight years.

Sky News understands that Landsec, which owns big stakes in the Bluewater shopping centre in Kent and MediaCity in Salford, will begin a search next year for a successor to Cressida Hogg.

A change of chair at the company is unlikely until 2023, when Ms Hogg’s tenure will reach the nine-year point at which she would no longer be deemed independent under corporate governance guidelines, according to one insider.

She is highly regarded in the City, having helped to steer Landsec through a series of challenges, both before and during the pandemic.

Previously an executive at 3i Infrastructure and the Canada Pension Plan Investment Board, Ms Hogg joined Landsec’s board in 2014 and took over as chairman in July 2018.

She replaced another female chair – Dame Alison Carnwatch, who this week joined the board of Asda, the supermarket chain.

Many corporate boardroom figures believe the independence guidelines are too proscriptive, particularly where a chair’s tenure is added to the length of time they served as a non-executive.

It was unclear on Friday whether any of Landsec’s existing non-executive directors might be contenders to replace Ms Hogg.

Landsec has a market value of nearly £5.7bn, and unveiled a well-received plan this week to work more closely with its retail tenants during the post-COVID area.

A Landsec spokeswoman declined to comment on its prospective chair succession process.