Land Secs chairman steps down to join government

Land Securities chairman Paul Myners has stood down following his appointment by prime minister Gordon Brown to be minister for the City at the Treasury.

In a statement Land Securities said it had already started looking for someone to replace him as chair. Shares in the firm were down 3.5% to 1,246p in early trading as the market took account of the news, posted after the market closed on Friday.

Myners, a former chair of Marks & Spencer, has also had to step down from his position as chair of Guardian Media Group. In 2001 Myners conducted a reviews for Brown in to institutional investment practices in the City.

Myners will sit on the Economic Council created by Brown to try to steer the country through the ongoing banking crisis. He will also be offered a seat in the House of Lords.