The executive chairman of the company that spearheaded the creation of Canary Wharf is stepping down from his role after 30 years.
George Iacobescu has told Canary Wharf Group staff that he will assume the role of chairman effective July 1.
He will be replaced by Shobi Khan, who became CEO in 2019.
Iacobescu said his new role will be to set the company’s agenda and chair board meetings, provide strategic direction and represent the company to government, senior tenants and residents. Commercial Partners.
His announcement comes with a larger upheaval that has seen the recent appointments of Becky Worthington as the company’s new CFO and Jane Hollinshead as GM of people, culture and customer service.
Iacobescu said: âWe had a fantastic team that built Canary Wharf and now we have an equally exceptional new group of leaders. The new team is in place and now is the right time to hand over the baton.
He has led the construction of Canary Wharf since 1988, the 128-acre estate in east London is now home to the headquarters of companies such as JP Morgan, Citigroup, Barclays and KPMG.
He said: âSince 1986 we have created a whole new city the size of Cambridge from scratch – on land that no one wanted. When others laughed at the idea or actively tried to prevent it from happening, we believed it.
âWe have transformed not only the London skyline, but the entire economy and geography of the city. We made East London the most exciting part of the city, and now it’s as respected as West London.
The group provided more than Â£ 100million in funding for the Dockland Light Railway and built the line’s Canary Wharf station. He also provided Â£ 400million in funding for the Jubilee Line and designed and built the district’s Crossrail station.
Canary Wharf was first run by Michael von Clemm, the London chairman of Credit Suisse First Boston, in response to the limited amount of modern office space in the City of London during the 1980s financial boom in the capital.
After Credit Suisse and fellow investor Morgan Stanley pulled out, real estate developer Olympia & York stepped in and began building One Canada Square, the tower that still houses Canary Wharf Group headquarters.
The 220m Newfoundland Tower, a residential project designed by architects Horden Cherry Lee and structural engineers WSP, opened last month.
Other ongoing developments of the Canary Wharf Group include the massive North Quay of Allies and Morrison, which is expected to provide 2.5 million square feet of office space and 1.6 million square feet of residential space. .