Property ‘thoroughbred’ John Burns to step down at Derwent London after 35 years

Developer Derwent London marked the end of an era on Friday as its founder and chief executive John Burns revealed plans to step down after 35 years at the helm.

Burns is one of the longest-serving bosses of a listed company in the UK.

He first bought the Derwent Valley Light Railway Company, the owner of some disused railway stations worth just £1.5 million, as a shell to manage his property interests in 1984, five years after Margaret Thatcher took power.

The company, behind several major schemes including Paddington’s Brunel Building, is now worth £3.4 billion.

By the time he steps down next May he will have served 35 years, putting him ahead of WPP founder Sir Martin Sorrell and fellow property titan Sir John Ritblat as one of the UK’s longest-serving chief executives.

Morrisons’ boss Sir Ken Morrison holds the record, stepping down after 50 years in 2006.

The 74-year-old, who will stay on to chair the firm for another two years, said: “It was time to call it a day. We’ve got a great bench here. I don’t micromanage, and I just thought it was about time.”

Burns could also serve on other boards, adding: “If situations came up that I thought were interesting, I’d have a look at them.”

He hands over to property director Paul Williams, who joined Derwent in 1987.

Jefferies property analyst Mike Prew said Burns’ “crowning glory” at Derwent was the 2007 merger with rival London Merchant Securities which transformed the scale of the business.

“He is a thoroughbred in all aspects of real estate... Succeeding Burns is probably the biggest shoes to fill in the UK sector.”