British Land Shares Fall as CEO to Step Down

British Land shares fell more than 2% on Monday morning after the company announced that Chief Executive Officer Simon Carter will step down following more than five years in the role and 18 years at the business.

Carter plans to leave the FTSE 100 property group to become CEO of P3 Logistics Parks, the GIC-owned European logistics investor and developer.

Carter first joined British Land in 2004, holding roles across strategy, corporate finance and treasury before departing in 2015. He later served as chief financial officer at Quintain Estates & Development and subsequently at Logicor, before returning to British Land as CFO in 2018. He was appointed CEO in 2020.

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In a statement, chairman William Rucker thanked Carter for his “significant contribution,” adding that he had “positioned the business for future success with a very strong management team and an exceptional London office campus and retail park platform.”

Carter said British Land had been “a huge part of my professional life,” noting that the company’s post-pandemic “contrarian calls” had positioned it for long-term growth. He said he was leaving behind “market-leading positions in London campuses and retail parks – both of which are benefitting from strong rental growth in supply-constrained markets.”

Carter will serve a 12-month notice period. British Land said it will begin a full process to appoint a successor, with further updates to follow. The announcement was released on behalf of the company by Gavin Bergin, director of governance.