Martin Barber, chief executive of Capital & Regional, has announced he will retire on his 65th birthday in 2009.

The board of the property asset manager will now start looking for a replacement for when he steps down on August 3rd 2009.

‘Although my birthday is 20 months away,’ said Barber, ‘this enables the company to have plenty of time to find my replacement.’

Difficult year

Barber, who was a founder director of the company when it started in 1979, has been involved in property development and investment for more than 30 years.

The announcement comes at the end of a difficult year for Capital & Regional which, through its exposure to out-of-town retail and shopping centres, has seen its share price fall 63.47% to 515p.