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 / firstname.lastname@example.org