Paul Williams is to retire as chief executive and director of Derwent London.
The listed London developer said in a stock market filing that Williams had informed the Board of his intention and will remain in his role until his successor is in place.
His career at Derwent began shortly after the company was founded in 1984. He was appointed as an executive director in 1998, with responsibility for leasing, asset management and development, and became chief executive in 2019.
Derwent said a thorough process to appoint a successor, led by chairman Mark Breuer, will start immediately.
Breuer said in a statement: "I would like to thank Paul for his dedication and commitment over the last 38 years. During his distinguished career, including his tenure as chief executive, he has made an outstanding contribution to Derwent London. With its market leading position, ongoing commitment to capital recycling and significant development pipeline, Derwent London is well placed to create significant value for shareholders."
Williams said: "It has been a huge privilege to have been part of the Derwent story and to have had the opportunity to lead the business over the last six years. I am very proud of what we have achieved, positioning the business with world class assets in prime locations across London, attracting sustained and strong occupational demand."
In its half-year results to the end of June 2025 Derwent's investment portfolio was valued at £5.2 billion as at 30 June 2025 compared with £5 billion at the end of 2024. Including development properties, the underlying portfolio valuation increased by 1.2% and there was a surplus for the half year of £51.2 million. That general stabilisation in valuation yields resulted in a 3.1% total property return for its portfolio in the first half.