The Duke of Wetminster, one of Britains wealthiest men, is to step down as chairman of his property development company Grosvenor.
He will be replaced by the Earl of Home, the current deputy chairman and chairman of Coutts & Co.
The handover will take place on May 1 this year but the duke will remain the chairman of the Grosvenor Trustees.
The Duke of Westminster says: I have for some time made it clear privately that, when I reached the age of 55, I would want to hand on the chairmanship of the Board.
” I have held this non-executive role or its equivalent for 30 years. In future I shall focus on my chairmanship of the Grosvenor trustees so I shall still be taking a close interest in the future of the property company and our other family businesses.
David Home, who has been a Grosvenor director since June 2005 and Trustee for twelve years, shares my commitment both to the business and the Grosvenor ethos that makes it special. He will make an excellent chairman of a top-quality board, backed by a first-class senior management team.”
The Duke is viewed as having transformed the family business into an international property company, with property assets of 3.7bn.