Derwent’s John Burns to step down

John Burns, chief executive of Derwent London, is stepping down from the role next year to become non-executive chairman of the company. Burns, who founded Derwent in 1984, will be succeeded by property director Paul Williams. Williams has been at the firm since 1987 and a board member since 1998. Robert Rayne, the current non-executive chairman, will retire after 12 years at Derwent’s next annual general meeting on 17 May 2019. Burns will take over for two years, after which the company expects to appoint an independent chairman. Listen to EG’s 2017 interview with John Burns Rayne said: “I am delighted to hand over the chairmanship to John Burns. He has been an outstanding leader of Derwent London as it has grown into the successful business it is today. He has been instrumental in developing our great people, building iconic developments and delivering outstanding long-term financial returns.” He added: “The board values the importance of retaining Derwent London’s strong culture and the extensive experience of its senior management. Paul Williams has been an integral member of the management team with strong strategic, operating and property expertise and has built lasting relationships with occupiers. “He has the knowledge, skills and expertise to lead the business and will do an excellent job as chief executive.” [caption id="attachment_955022" align="aligncenter" width="847"] Paul Williams, Derwent London[/caption]   After Derwent’s announcements this morning, Burns and Williams spoke to EG about the company’s past, present and future. John Burns on… Relinquishing the reins at Derwent: “I will feel completely comfortable. We have a great team of executives on the board who I have never had to micromanage because they are so good at what they do. It has always been a democratic business and I think it will work well.” Highlights during his time in charge: “I suppose being in at the beginning, when the company was only capitalised at £1.5m, to the current level of £3.3bn and doing some great things along the way.” Derwent’s most important deal: “Probably our most significant transaction was when we merged with London Merchant Securities, which virtually doubled the size of our portfolio… we sold off their retail out of town properties and tightened that up. I think that’s been our major mega deal, and it’s been fantastic for us.” Plans for after his two-year role as chairman: “I’ll think about it during the time I’m in my new role. So long as I’m physically fit and well, I’ll look to work.” Paul Williams on… The future of Derwent: “I think we’ve got a great brand and reputation and I think it will be building on the success that’s been created. I’m a big fan of Whitechapel so I’d like to buy some more there; if we could find properties to acquire we would do.” Investing: “It is difficult to buy. We’re lucky that we have a portfolio of opportunities for the next eight to 10 years going forward. I’d like to buy some more if we could, but obviously there’s lots of money coming in. Part of that has been the weakness of the pound but also people are only looking to sell if they can replace their income.” London’s evolution: “London is much more fluid than it was before. We’re much less location-specific, so you have to build the right building in the right location. It is more product-led.” To send feedback, e-mail karl.tomusk@egi.co.uk or tweet @karltomusk or @estatesgazette