British Land, the property giant which has just slipped out of the FTSE-100 index, is kicking off a search for its next chairman.
Sky News has learnt that the company, which owns Broadgate in the City of London and Sheffield’s Meadowhall shopping centre, is selecting headhunters to work on the process.
British Land’s new chairman will replace Tim Score, who has held the role since 2019 but faces being timed out under corporate governance rules by virtue of the fact that he has been on its board since 2014.
Sources said the company planned to seek shareholder approval at its forthcoming annual meeting for Mr Score to be re-elected as a director a further year.
That would mean he is likely to step down at its 2024 AGM, when he will have been on the board for 10 years.
Mr Score is also a director of the Football Association and deputy chairman of Pearson, the former owner of the Financial Times.
British Land, which has a market value of £3.3bn, has seen its shares slide by a third over the last 12 months amid deepening investor concerns about the commercial property sector.
It exited the FTSE-100 index this month, ending a 21-year run as a member.
The search for Mr Score’s successor is being led by Preben Prebensen, British Land’s senior independent director.
British Land declined to comment.