Land Securities’ director and chairman Paul Myners has stepped down from his position at the UK’s largest REIT.

He has left to take up a position as the Under Secretary of State and Minister for the City in the Treasury with immediate effect.

The LandSecs board said it thanked ‘him for his valuable contribution to the company’ and has started the process to look for a successor to the role of chairman'.

The board's senior independent director David Rough will lead the process to find a successor.

Myners is still chair of the Guardian Media Group, publisher of The Guardian and The Observer newspapers and is a former chairman of Marks & Spencer and deputy chair of PowerGen.