Sir George Iacobescu, 75 years old, told Canary Wharf Group staff that from next month he would no longer be responsible for the development and strategy of the 128-acre construction company in East London.
The Canary Wharf area is home to the headquarters of leading companies such as JP Morgan, Citigroup, Barclays and KPMG. The Romanian-born businessman hands over the baton to 55 year old Shobi Khan, an American who took over as CEO two years ago.
Iacobescu will continue to hold the position of chairman providing advisory role and representing the company to third parties.
