3 July 2019
Grosvenor Group announces succession plans
Grosvenor Group announces a number of leadership changes to be implemented through a process of transition which will become fully effective on 31 December 2020.
- Craig McWilliam, Grosvenor Britain & Ireland Chief Executive, will become Grosvenor Group Chief Executive on 31 December 2020
- Current Group Chief Executive, Mark Preston, will continue as Executive Trustee of the Grosvenor Estate (becoming Executive Deputy Chairman of Grosvenor Group) and Head of the Family Office
- Grosvenor Europe Chief Executive James Raynor will become Grosvenor Britain & Ireland Chief Executive on 30 September 2020
- Sara Lucas, Grosvenor Europe Executive Director, becomes Grosvenor Europe Chief Executive on 30 September 2019
- Group Executive Director Peter Vernon retires from the business on 30 September 2020
Grosvenor Group, the privately-owned international property group which develops, manages and invests in property in more than 60 cities around the world, announces a number of leadership changes to be implemented through a process of transition which will become fully effective on 31 December 2020.
After 12 years as CEO of Grosvenor Group, the last four of which also fulfilling the role of Executive Trustee of the Grosvenor Estate and the last two as Head of the Family Office in addition, Mark Preston will step down as Group Chief Executive to focus on these other roles. Current Grosvenor Britain & Ireland CEO, Craig McWilliam, is promoted to Group Chief Executive, effective 31 December 2020. Mark Preston will take on the role of Executive Deputy Chairman, remaining a member of Grosvenor Group’s board.
Group Executive Director:
Peter Vernon, Grosvenor Group’s Executive Director responsible for overseeing the activities of Grosvenor Britain & Ireland, Grosvenor Americas and Grosvenor Asia Pacific will retire from the business, as planned, in September 2020.
Grosvenor Britain & Ireland CEO:
Craig will be succeeded as Grosvenor Britain & Ireland Chief Executive by James Raynor, the current CEO of Grosvenor Europe. The appointment is effective on 30 September 2020. James will begin his transition into GBI from 30 September this year, initially taking on the vacant role of Executive Director of the London Estate.
Grosvenor Europe CEO:
Sara Lucas, Grosvenor Europe’s Executive Director with responsibility for portfolio management is promoted as James Raynor’s successor to the role of Grosvenor Europe Chief Executive, effective 30 September 2019.
Commenting on the announcement in his capacity as Executive Trustee of the Grosvenor Estate, Mark Preston said: “Both personally and on behalf of the Trustees, I am delighted to see Craig succeed me as Group Chief Executive. He has demonstrated first rate leadership skills in his current role and foresight in developing Grosvenor Britain & Ireland’s 20 year vision to help to sensitively, yet ambitiously evolve the London estate, building our pipeline of activities elsewhere in London and the UK while championing the continual improvement of London’s West End.”
“Craig’s appointment will allow me to focus on the role of Executive Trustee to further promote and develop the Grosvenor Estate’s increasingly diversified activities, supporting Grosvenor Group, Wheatsheaf Group and the Family Office (directly leading the last of these) to achieve our purpose of delivering lasting commercial and social benefit.”
“Peter’s contribution to Grosvenor has been outstanding. He has brought leadership, drive and invaluable insight to his current role and as CEO of Grosvenor Britain & Ireland previously”.
Peter Vernon, Executive Director Grosvenor Group, added: “Grosvenor has always been a values-led organisation determined to deliver commercial success and a positive impact on society. Every generation of leaders has sought to nurture this approach in all our people. That is why, after 15 years, I am delighted to be able to hand over to such talented internal successors with the expertise to take the business to a new level and the commitment to keep Grosvenor’s values front and centre.
Commenting in his capacity as Group Chief Executive on the appointment of James Raynor as CEO of Grosvenor Britain & Ireland and of Sara Lucas as CEO of Grosvenor Europe, Mark Preston said:
“I am equally delighted to see James and Sara take on their respective challenges of developing our Britain & Ireland and Europe businesses. Along with Craig’s, their internal promotions ensure leadership continuity, will bring forward fresh ideas and are a testament to our wealth of talent and ability to nurture it.”
Commenting on the prospects for their new roles:
Craig McWilliam said: "Grosvenor Group's longstanding commitment to London and communities outside the capital, and our significant international activities in over 60 cities, built over almost 70 years, make me incredibly proud to take up this opportunity next year.
"My focus in the meantime is to see the UK business continue to be more open, more agile and more willing to restore public trust and participation in the planning system that shapes our towns and cities. We can strengthen our creation of long-term value globally by empowering our local expertise and engagement."
James Raynor said: “Becoming Chief Executive of Grosvenor Britain & Ireland is a very exciting and motivating challenge. I join the business by means of a gradual and invaluable transition period; I look forward to furthering the evolution of our London estate so that it can be an engine of growth within London’s West End and to helping address the UK’s housing shortage by enabling new homes and communities to be created”.
Sara Lucas said: “Grosvenor Europe has a focus on Madrid, Liverpool, Paris and Stockholm with activities in the retail, residential and office sectors. I am delighted to be able to lead our efforts in building on our success in these markets and look forward to maximising the full potential and positive impact of our investments on their communities.”
About Grosvenor Group
Grosvenor Group is one of the world’s largest privately-owned property companies. We develop, manage and invest in property in more than 60 cities around the world.
Through the activities of Grosvenor Britain & Ireland, Grosvenor Americas, Grosvenor Asia Pacific and Grosvenor Europe we diversify the Group’s property portfolio by geography, sector, activity, currency and management team. Our Indirect Investment business further diversifies the Group’s property interests by backing specialist third-party management teams. It invests Grosvenor’s capital in Africa, Australia, Europe and North and South America.
Approximately half of the Group’s property assets by value are held outside the UK.
The purpose of the Group is to improve properties and places to deliver lasting commercial and social benefit. This is achieved by adopting a farsighted perspective, by being locally engaged and sharing and benefitting from our international experience – we call this our Living Cities approach.
To read more about Living Cities please click here.
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About Grosvenor Britain & Ireland
Grosvenor Britain & Ireland creates and manages high quality neighbourhoods that are great places to live, work and visit. Our diverse property development, management and investment portfolio includes Grosvenor’s London estate of Mayfair and Belgravia and other developments in London, Oxfordshire and Cambridgeshire.
We are part of the Grosvenor Group, one of the largest privately-owned international property companies, which develops, manages and invests in property in more than 60 cities around the world.
As at 31 December 2018, Grosvenor Britain & Ireland had assets under management of £5.3bn.
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About Grosvenor Europe
Grosvenor Europe invests in, develops, operates and manages retail, residential and office assets and funds, with a focus on vibrant European cities including Paris, Stockholm, Madrid and Liverpool.
Part of the Grosvenor Group, one of the largest privately-owned international property companies and active in more than 60 cities around the world, we utilise our local expertise to adopt a far-sighted, value-add approach in order to deliver lasting commercial and social benefit in the places where we are active.
As of 31 December 2018, we managed £2bn/€2.3bn of assets, including a number of active residential development projects in Madrid, Skärholmen Centrum shopping centre in Stockholm and Liverpool ONE, the landmark city centre development in north west England.
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About Grosvenor Estate
Grosvenor Group is one of three constituent parts of the Grosvenor Estate which encompasses all the activities of the Grosvenor family. Sharing the same values and a common purpose of delivering lasting commercial and social benefit, each has a distinct focus:
Founded in 2012, Wheatsheaf Group directly operates, invests in and helps to develop businesses in the food and agriculture sectors. Through the activities of over 2,500 people across 34 countries and the development of innovative technologies, it aims to contribute enduring solutions to improve efficiency in the production of healthy and nutritious food to meet the food requirements borne out of the increasing demands of a changing global population.
Along with pursuing commercial returns, Wheatsheaf strives to provide a lasting social benefit by helping agricultural business be more efficient and adaptable; reduce reliance on antibiotics, harsh chemicals, fossil fuels and unsustainable resource use; and reduce waste, using raw materials efficiently.
The Family Office manages the Grosvenor family’s rural estates in the UK and Spain, with the aim of bringing a sustainable approach to the stewardship of land, property and the environment. It also manages Realty Insurances, financial investment portfolios, a fine art collection and the Westminster Foundation.