The head of Land Securities’ London division is to leave after the UK’s biggest property company reported a record loss last month and amid rumours of boardroom tensions.

Mike Hussey, the second most senior executive at Land Securities, yesterday announced that he would leave at the end of the month. He had been set to lead a demerger of the London division.

However, the company ditched its plan to split into three – retail, London and outsourcing – this year. Instead it repaired its balance sheet by raising £756m in a rights issue, trimming the dividend and selling its Trillium outsourcing unit for £750m.

Financial Times. The Times