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Carnwath replaces Myners at Land Securities

Alison Carnwath is the new chairman of Land Securities, replacing Paul Myners who has left to become minister for the City after two years with the firm.

Carnwath was previously chairman of MF Global and a non-executive director of Land Securities since 2004.

"Land Securities has a talented management team who are working hard to address the effects on our business of these unprecedented challenges in the market," she said. "I look forward to leading the board through these turbulent times and shaping the business for the future."

She paid tribute to Myners for enhancing Land Securities’ reputation, as did David Rough, senior independent director, who led the search for Myner’s replacement.

"Alison has a tremendous reputation and has demonstrated a thorough understanding of the business and the sector since her time on the board."

Land Securities has scrapped plans for a three-way demerger of its business because of adverse market conditions. It had planned to split its London property, UK retail and real estate outsourcing units. A sale of its Trillium outsourcing arm is still possible.

"Our objective is to navigate a prudent line through the current volatilities and we continue to manage the business with a cautious outlook," said chief executive Francis Salway.

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