British Land, the property giant which has just slipped out of the FTSE-100 index, is kicking off a search for its next chairman.

Sky News has learnt that the company, which owns Broadgate in the City of London and Sheffield’s Meadowhall shopping centre, is selecting headhunters to work on the process.

British Land’s new chairman will replace Tim Score, who has held the role since 2019 but faces being timed out under corporate governance rules by virtue of the fact that he has been on its board since 2014.

Sources said the company planned to seek shareholder approval at its forthcoming annual meeting for Mr Score to be re-elected as a director a further year.

That would mean he is likely to step down at its 2024 AGM, when he will have been on the board for 10 years.

Be the first to get Breaking News

Install the Sky News app for free

Mr Score is also a director of the Football Association and deputy chairman of Pearson, the former owner of the Financial Times.

British Land, which has a market value of £3.3bn, has seen its shares slide by a third over the last 12 months amid deepening investor concerns about the commercial property sector.

Telegraph owner tables last-ditch bid to keep control of newspapers

Eurozone officially entered recession after Eurostat revises figures

More people are going for fewer jobs as redundancies rise, survey suggests

It exited the FTSE-100 index this month, ending a 21-year run as a member.

The search for Mr Score’s successor is being led by Preben Prebensen, British Land’s senior independent director.

British Land declined to comment.

Related posts:

World Rugby in talks with banks as sport’s seismic shake-up continues Thorntons leaves 600 jobs at risk through town centre exit Pharmacies managing stocks as medicines are hit by UK’s delivery woes Fed to start scaling back $120bn a month bond-buying support Bank of England resists pressure to raise interest rates as inflation spike looms Interest rates, mining sustainability and Wizz Air profits M&S names former Tesco executive Freudmann as new food chief Energy regulator announces plans to improve protection for direct debit customers Retailers fear ministers could abandon online sales tax and rates reform Meet two members of Britain’s ‘missing million’ Labour peer Lord Alli returns to stock market with Marwyn vehicle Feared activist Elliott recruits City grandee Rake to burnish image