5 April 2016
Grosvenor announces senior management appointments
Grosvenor Group Limited (‘Grosvenor Group’), the privately-owned international property group, has announced important senior management changes which will take effect from 1st January 2017
eter Vernon, currently Chief Executive of Grosvenor Britain & Ireland, will take on the new role of Group Executive Director, reporting to the Group Chief Executive, Mark Preston. Peter will join the Group Board and take responsibility for oversight of the Group’s three regional operating companies - Grosvenor Britain & Ireland, Grosvenor Americas and Grosvenor Asia Pacific - and the Group’s research function. Peter will allocate 60% of his time to this role to allow him to take on additional non-executive roles outside Grosvenor.
Craig McWilliam, currently Grosvenor Britain & Ireland’s Executive Director for the London Estate, will succeed Peter as Chief Executive of Grosvenor Britain & Ireland. He will join the Grosvenor Group’s Executive Committee.
As a result of these changes, Grosvenor Britain & Ireland is promoting Will Bax, currently its Director for Place-making, to the operating company’s board as Executive Director, London Estate Investment and Development.
Commenting on the appointments Mark Preston, Group Chief Executive, said:
“It is a tribute to the strength of our management team that we are able to promote from within and provide continuity within our leadership team. Peter, Craig and Will have all been successful in their current roles, which makes their promotion to these new responsibilities in January 2017 both natural and sensible.
“Having worked closely with Peter for ten years, I am looking forward to continuing to do so in our new roles. Meanwhile, Craig will be the ideal successor to Peter, with experience and leadership qualities well suited to running Grosvenor Britain & Ireland - a significant part of the Group.”
Peter Vernon, currently Grosvenor Britain & Ireland Chief Executive, said:
“I will be delighted to hand over the leadership of Grosvenor Britain & Ireland to Craig in January 2017. He has successfully led our London Estate business, continuing our programme of re-investment and regeneration of Mayfair and Belgravia. He also ran the Grosvenor Developments business including creating the opportunity to build a new urban neighbourhood in Bermondsey. Through both roles he has demonstrated the experience and leadership skills required for the role of Chief Executive. For myself, I am greatly looking forward to taking a broader international role in the Group.
Craig McWilliam, currently Grosvenor Britain & Ireland Executive Director, said: “I am looking forward to taking up this new position at such an exciting time for Grosvenor and London. Peter will be handing over a business that is focused on delivering several great opportunities that will increase the attractiveness of the West End as well as providing much needed housing. I am very much looking forward to working further with Peter and Mark from next January on delivering this strategy in London and the UK. Will, in the new role of Executive Director, London Estate Investment and Development, will be an important part of my leadership team.”
Earlier in the year it was announced that Mark Preston will take over Jeremy Newsum’s responsibilities as Executive Trustee of the Grosvenor Estate when Jeremy retires at the end of 2016. Mark will remain as Group Chief Executive of Grosvenor Group, the largest entity in the Grosvenor Estate.
The changes announced today have three benefits: they will help Mark to fulfil his new responsibilities by delegating responsibility for the regional operating companies to the newly-created role of Group Executive Director; they will increase the executive capacity in the holding company team; and they also enable succession within the Group’s largest operating company - Grosvenor Britain & Ireland - to proceed.
For more information contact:
Hamish McDougall/Rebecca Dwyer, Press Office
020 7312 6479/6101
Notes to Editors
Peter Vernon FRICS was appointed to the Grosvenor Britain & Ireland Board in 2005. He joined Grosvenor Group in 2005 and became Chief Executive of Grosvenor Britain & Ireland in 2008. He is currently a member of Grosvenor Group’s Executive Committee. He is a member of Peabody's Board, Deputy Chairman of the West End Partnership, Director of London First and is on the Royal & Sun Alliance London Regional Board. He was a Commissioner of the independent City Growth Commission launched by RSA and chaired by Jim O'Neill, which delivered its conclusions in October 2014. Previously he was a Partner at IBM Business Consulting Services and PricewaterhouseCoopers.
Craig McWilliam, FRICS, was appointed to the Grosvenor Britain & Ireland Board in 2010. He is the Executive Director responsible for the London estate, having previously had charge of all development activities off the London estate. Prior to joining Grosvenor Group he was a Managing Director at Fortress Investment Group. Craig is an Honorary Fellow of the Royal Institution of Chartered Surveyors, a Trustee of LandAid and sits as a director of the New West End Company and the Westminster Property Association.
Will Bax, MRICS, is currently responsible for the business and place-making strategy on the London estate, overseeing capital transactions, long term development planning, commercial leasing and estate management. He joined Grosvenor in 2004 and has held various senior roles in Grosvenor Britain & Ireland and Grosvenor Fund Management. Will is a Non-Executive Director of Realty Insurance and Chairman of the Mayfair Neighbourhood Forum.
Grosvenor Group Limited (‘Grosvenor Group’)
Grosvenor Group is a privately-owned property group with offices in 17 of the world’s most dynamic cities. Grosvenor Group has regional investment and development businesses in Britain & Ireland, the Americas and Asia Pacific. Grosvenor Group’s international fund management business has a particular focus on Europe. Grosvenor Group also has an Indirect Investment portfolio which invests in real estate through co-investments in Grosvenor-managed funds and with other specialist companies. As at 31 December 2014, total assets under management exceed £11bn.
Grosvenor Britain & Ireland
Grosvenor Britain & Ireland is part of the Grosvenor Group. Its mission is to create and recreate inspiring places and neighbourhoods, delivering value for customers, shareholders and co-investors with its place-making expertise. It owns, develops and manages a diverse property portfolio in cities across Britain and Ireland. Business units are focused on its London estate - 300 acres of Mayfair and Belgravia in the heart of the UK’s capital - and developments elsewhere in London, Edinburgh, Liverpool, Oxford, Cambridge and Southampton. As at 31 December 2014, Grosvenor Britain & Ireland had £5.2bn of assets under management.
The Grosvenor Estate
The Grosvenor Estate represents all the business activities of the Grosvenor family, headed by the Duke of Westminster: Grosvenor Group Limited, Wheatsheaf Investments Limited and the Family Investment Office.
The Trustees of the Grosvenor Estate have devolved responsibility for the management of Grosvenor and Wheatsheaf to their respective boards. The Executive Trustee oversees those two devolved businesses and the Family Investment Office.
More information available at www.grosvenor.com.