Land Securities directors have been mounting a semi-publicsuccession battle, and Chande is reported in the FinancialTimes to have threatened to quit if Walicknowski was appointedheir apparent. Now both are leaving, leaving Finance DirectorFrancis Salway as the most obvious successor.

Australian-born Walicknowski joined Land Securities as Directorof Strategy and Business Development in September 2000, afterhaving masterminded Lend Lease's highly successful entry into theEuropean market. Henderson said: 'As Land Securities is only thesecond company Peter has worked for, he feels it is the right timeto pursue a broader range of experiences...in Europe andelsewhere.'

Chande was one of the founders of outsourcing specialistTrillium in partnership with Goldman Sachs before selling thebusiness to Land Securities in November 2000. He said: 'Sincefounding the company five years ago and having worked very hard tobuild it up I now feel the need to create a greater balance in myprofessional and personal life.'