Top gun Rough joins Land Securities

LAND Securities, the property giant at the centre of bid speculation, has enticed City heavyweight David Rough to become a non-executive director.

Rough's first job since retiring as investment director of insurer Legal & General will take at least one day a month, for about £30,000 a year.

He joins on 2 April after a turbulent time at LandSec. Chief executive Ian Henderson was forced to confront fellow board member Manish Chande over management buyout talk that sent the shares soaring.

LandSec moved to steady the ship further by announcing that Chande's deputy Ian Ellis will replace him when he steps down as head of the Trillium business in July. Trillium buys companies' property, leases it back to them and manages it.

Ellis will not automatically get a board seat. 'LandSec doesn't want another private fiefdom to develop,' says an analyst.

Rough, 51, played down bid rumours. 'I don't expect to be involved in defending a bid, although nothing in this world would surprise me,' he said. 'I didn't take the job for that reason.'

L&G is a major LandSec investor. Rough has known Henderson for a decade. He may take three or four more board jobs.

LandSec briefed City investors on Trillium yesterday and said accounting changes would increase group pretax profits next year by between £20m and £25m. The shares rose 6p to 864 1/2p, up £1 since December.