The Duke of Westminster is to end his duties as chairman of his family’s property company Grosvenor on 1 May
The company’s staff were told this morning that the Duke would on 1 May hand over the role of non-executive chairman to deputy chairman David (Earl of) Home, who is the chairman of private bank Coutts & Co. The Duke will remain chairman of the six-strong Grosvenor Trustees, who are the company’s shareholders and represent the interests of the Grosvenor family.
‘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,’ the Duke said. ‘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.
‘I am very proud of how Grosvenor has developed in recent years. It is now a truly international business with a strong ethos, which is important to our partners, staff, investors and the people who live and work in the properties we help to create.’