Chief executive of the Crown Estate to retire

Roger Bright CB, has announced that he will retire at the end of December 2011. He will be 60 this year, and will have been Chief Executive of The Crown Estate for 10 years. The Chairman, Sir Stuart Hampson, will now set in hand, in conjunction with the Treasury, the process for selecting a new Chief Executive.

Sir Stuart said: "Although I am extremely sorry that Roger has made this decision, I understand his reasons for it. I want to thank Roger for everything he has achieved. During his ten years as Chief Executive, The Crown Estate has been transformed into one of the UK’s most successful property businesses which is now worth over £6.6 billion. It has delivered some spectacular results – the total amount of profit earned during his tenure and paid to the Treasury for the benefit of the nation, has been £1.9 billion.

"Under his stewardship and as a moderniser, Regent Street has been reshaped into one of the world’s leading retail and office locations. In addition, he recognised early on, there were opportunities to be realised, for both the business and the UK as a whole, in the potential of offshore renewable energy – the scale of which is now making the UK a world leader. Roger remains very much in post until the end of 2011 and there will be opportunities later in the year for all of us in The Crown Estate to thank him for his exceptional contribution."

Roger Bright said: "It has for some time been my intention to retire this year when, on becoming 60, I will have been Chief Executive for 10 years. It is a privilege working with so many talented and committed colleagues and I am confident that The Crown Estate is in a very strong position for the future."