British Land has confirmed the appointment of Joanne McNamara as its next chief executive officer, with the transition due to be completed by the end of November. McNamara will succeed Simon Carter, who has held the role since 2020 and is stepping down to take up a position with a Pan European logistics company.
McNamara arrives with more than 20 years of experience in the real estate sector. She has served as Executive Vice President, Europe at Oxford Properties since 2010, a role in which she participated in significant investment and development transactions and established a European management team responsible for a portfolio valued at approximately 3 billion.
Her career also includes previous roles at Hammerson and DTZ. Within Oxford Properties she is a member of the Global Executive and Investment Committees and holds a seat on the OMERS portfolio management committee. The company noted that McNamara previously served as a Non-Executive Director of ESR Group until 2025.
Remuneration and awards
British Land disclosed the main elements of McNamaras pay package. Her basic salary will be 30,000 per year. In addition she will receive a 90,000 payment in respect of a lost bonus for 2026.
The board approved share awards with a total face value of 5 million. Those awards comprise 1 million in restricted shares that are due to vest in 2027 subject to continued service and clawback provisions, and two 2 million awards that carry service, performance, and clawback provisions aligned to existing long-term incentive arrangements for the chief financial officer.
McNamara will have a maximum notice period of six months, the company said.
What the company has said
British Land set out McNamaras credentials and compensation in its announcement, highlighting her long track record at Oxford Properties and prior roles at other major real estate firms. The firm also confirmed the timetable for the CEO transition and the reasons for Carters departure, namely his move to a Pan European logistics business.
The appointment brings a leader with extensive European real estate experience into the role, and the board has detailed both cash and equity elements of the remuneration package that will govern her initial years in office.