Hammerson Chairman to be succeeded by Sainsbury's head

John Nelson, the Chairman of FTSE 100 real estate investment trust Hammerson is to retire from the company this spring and will be succeeded by Sainsbury's Chairman David Tyler.

Nelson, 64, has been working on the board of Hammerson since May 2004 and has previously held positions on the boards of other blue-chip companies including Kingfisher, BT Group, Cazenove Group, JPMorgan Cazenove, Woolwich plc and English National Opera. He was appointed as Chairman of Lloyd's of London in October 2011.

"After nine years at Hammerson, and having taken up the Chairmanship of Lloyd's of London, I informed the board during the course of last year that I wished to retire at the next AGM," Nelson said on Monday.

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"I am so pleased that David Tyler will be succeeding me; he is exactly the right candidate. Hammerson has a clear strategy with high-quality retail property, excellent built-in growth prospects, and one of the strongest management teams in the sector. I have thoroughly enjoyed my time at Hammerson and I wish the company well."

Tyler has a vast career in finance and retailing and is currently working as Chairman of supermarket giant Sainsbury and a director of luxury brand Burberry.

"I am delighted to be joining Hammerson," Tyler said. "The company offers both investors and retailers a clear proposition: a focused, well-managed property business in the retail sector. I look forward to playing my part in the company's future progress."