Jeremy Newsum to retire as Executive Trustee of the Grosvenor Estate

Mark Preston, currently Grosvenor Group Chief Executive, appointed to succeed him.

7th January 2016

Jeremy Newsum will retire at the end of 2016 from his role as Executive Trustee of the Grosvenor Estate, a post he has held since 1993.  From 1989-2008 he was also Chief Executive of Grosvenor Group Limited (the Grosvenor Estate’s urban property company).  Mark Preston, who has fulfilled that role since 2008, will take over the role of Executive Trustee on 1 January 2017.   

The Grosvenor Estate, which represents all the business activities of the Grosvenor family, headed by the Duke of Westminster, comprises three elements:

Grosvenor Group Limited: urban property: an international property group active in Europe, North America and Asia;
Wheatsheaf Investments Limited: which operates and invests in companies that help to respond to the long-term challenges of securing sustainable food and energy supplies in a rapidly changing world;
The Family Investment Office: which manages other interests including securities investments, rural estates in the UK and Spain, a charitable foundation, fine art collection and the historic archive.

Mark Preston will remain as Chief Executive of Grosvenor Group Limited.

Graham Ramsbottom will remain as Chief Executive of Wheatsheaf Investments Limited, reporting to Mark Preston from 1 January 2017.

Peter Doyle, currently Chief Financial Officer of the Grosvenor Estate, is being appointed the inaugural Head of the Family Investment Office, as of 1 January 2017, reporting from then to Mark Preston.  Peter’s new role will incorporate his current responsibilities.

The Executive Trustee of The Grosvenor Estate is its most senior executive.  The Executive Trustee is appointed by the Trustees of the Grosvenor Estate, chaired by the Duke of Westminster as head of the Grosvenor family.  Jeremy will continue as a Non-Executive Trustee for three years.

Under Jeremy’s leadership, The Grosvenor Estate has grown in scale, diversity and geographical breadth, extending Grosvenor Group’s North American property activities to continental Europe, China and Japan.  More recently, further diversification has led to the creation of Wheatsheaf Investments Limited which has quickly established itself as an important investor in businesses seeking to provide long-term, commercially viable solutions to the problems of food and energy security.
 
Commenting on Jeremy Newsum’s planned retirement as Executive Trustee, the Duke of Westminster, said:

“Jeremy and I have worked together for a long time during which a great deal has changed. He has been a visionary, showing that a  business such as ours with a history stretching back to the 17th century can grow and thrive in the 21st century without compromising any of our values – in particular the commitment to long term thinking and integrity.

“Our interests are spread much more broadly than they were and I am sure this will help to secure our future.  Notwithstanding this enlarged footprint, Jeremy has ensured we continue to work with a commitment to all the communities in which we operate and whom we serve.

“My family and I offer our heartfelt thanks to Jeremy for his 32 years at the Grosvenor Estate.  We’re delighted that he has agreed to continue as a Non-Executive Trustee for the next three years.”

Jeremy Newsum commented:

“The Grosvenor Estate is a wonderful institution and it has been an honour to lead it during a period of change.  The Grosvenor family’s enlightened approach - to maintain strong values and allow managers to manage - is reflected in our devolved structure.  It has helped us to flourish in many different business activities and parts of the world.    Everything depends on people and I know most Chief Executives would give their eye teeth for staff with the loyalty and commitment of all those at the Grosvenor Estate – from the most sophisticated property experts to the most brilliant tractor drivers.”

“The Grosvenor Estate will be in great hands under Mark Preston’s leadership.  He and I have worked with each other for 26 years: we know each other very well and will have no difficulty completing a smooth handover in the best Grosvenor Estate tradition.”

Mark Preston will be the fourth Executive Trustee since 1953, his predecessors being George Ridley, 1953-1971, Sir John ‘Jimmy’ James, 1971-1993, and Jeremy Newsum.

The transfer of Executive Trustee responsibilities to Mark Preston will take place gradually during 2016 in preparation for Mark to take over from Jeremy on 1 January 2017.

Mark Preston joined Grosvenor Group as a graduate surveyor in 1989.  Prior to becoming Group Chief Executive in 2008, Mark was President of Grosvenor Americas and then Chief Executive of Grosvenor Britain & Ireland.  His experience also encompasses playing a leading role in the development of Grosvenor’s international fund management business and a spell in Grosvenor Asia Pacific.

Commenting on Mark Preston’s promotion, the Duke of Westminster said:

“Mark could not be more suited to take over as Executive Trustee.  He has extensive international experience gained from leading the Grosvenor Group, our urban property business.  Many of the preoccupations here – particularly with sustainability  – are shared with the rural estates managed by our Family Investment Office and with the food and energy businesses in the Wheatsheaf Investments group, and Mark knows the issues and the teams well.  I have absolutely no doubt that he will swiftly get to grips with this wider portfolio and that the Grosvenor Estate will benefit from his incisive executive leadership.”

Mark Preston commented:

“I am immensely proud to take on the role of Executive Trustee.  There are some very exciting projects in the Family Investment Office and in the Wheatsheaf Investments businesses, which I’m keen to support, and many opportunities for greater cross-fertilisation between this part of the Grosvenor Estate and the property company, Grosvenor Group.

“I look forward to working with Jeremy over the next twelve months to capture his immense knowledge and ensure a smooth handover of responsibilities.”

For further information, please contact:

Neil Hedges, Headland
02073675244 / nhedges@headlandconsultancy.com

Notes to Editors

Jeremy Newsum

Jeremy Newsum has held several industry positions during his tenure as Executive Trustee of the Grosvenor Estate, including Chairman of Westminster Property Association and President of the British Property Federation, and he was the first non-American to serve as Chairman of the Urban Land Institute (ULI).

He is currently a member of Imperial College Council, a member of the University of Cambridge Syndicate for the North West Cambridge Estate, a non-executive director of Grupo Lar (Spain) and an adviser to Al Futtaim (Dubai).  He was instrumental in the establishment of Cambridge Ahead in 2013.

Mark Preston

Mark Preston joined Grosvenor in London in 1989 from Reading University, where he graduated with a degree in Land Management.  He is a Chartered Surveyor and attended the International Executive Programme at INSEAD in 1997. 

Mark currently holds two Non-Executive Directorships on the Boards of Persimmon Plc and Sonae Sierra SGPS.  He is a Trustee of ULI and Chairman of the ULI Centre for Sustainability Advisory Board, as well as being a Trustee of the Westminster Foundation. He is a member of the (University of) Cambridge Land Economy Advisory Board and an Honorary Vice-President of the Cambridge University Land Society. 

Peter Doyle

Peter was a partner in KPMG from 1986 until 2002 where he carried a number of senior roles, including Head of London Office and UK Head of Financial Services; he served on the UK Board for three years.  Since then, and before joining the Grosvenor Estate, he acted as Interim Finance Director in financial services, at the Export Credit Guarantee Department and also at Benfield Group, the reinsurance broker.  He also served as a board member of Peabody for seven years.  He has been at the Grosvenor Estate since 2009.

Peter is a Trustee of Wycliffe Hall Oxford, the North Highland Initiative and Medair UK.  He also sits on the Audit Committee of the University of Cambridge.

The Grosvenor Estate

The Grosvenor Estate represents all the business activities of the Grosvenor family, headed by the Duke of Westminster.

The Trustees of the Grosvenor Estate have devolved responsibility for the management of Grosvenor and Wheatsheaf to their respective boards.  The Executive Trustee oversees those two devolved businesses and the Family Investment Office. 


Grosvenor Group Limited (‘Grosvenor’) is a privately-owned property group with offices in 17 of the world’s most dynamic cities.  Grosvenor has regional investment and development businesses in Britain & Ireland, the Americas and Asia Pacific.  Grosvenor’s international fund management business has a particular focus on Europe.  Grosvenor also has an Indirect Investment portfolio which invests in real estate through co-investments in Grosvenor-managed funds and with other specialist companies.  Total assets under management exceed £11bn.  More information is available at www.grosvenor.com

Wheatsheaf Investments Limited (‘Wheatsheaf’) was formally established in 2012, bringing together two businesses that have operated within the Grosvenor Estate for many years (Grosvenor Farms Ltd and Cogent plc).  Its remit is to develop and invest in businesses that will contribute commercial solutions towards meeting the global challenge brought about by a rapidly-changing world population and its demands for food, energy and water in an increasingly resource-constrained environment.  Sectors in which Wheatsheaf invests include animal breeding, nutrient recovery, aquaculture, alternative proteins and energy efficiency.  More information is available at www.wheatsheafgroup.com

the Family Investment Office manages three rural estates in the UK - the Eaton Estate, located outside of the city of Chester: the Abbeystead Estate in the Trough of Bowland, Lancashire; and the Reay Forest Estate in North West Sutherland – and La Garganta in the Castilla La Mancha region of central southern Spain.  Each of these estates is part of a local community and is often the most significant employer in the area.  The activities of the Family Investment Office also encompass an insurance manager and brokerage, Realty Insurances; financial investment portfolios; a fine art collection; and the Westminster Foundation charitable foundation.   More information is available at www.grosvenorestate.com/activity/family-investment-office.aspx

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