The Duchy of Lancaster has named Forth Ports property director Nathan Thompson as its new chief executive.
Thompson trained as a chartered surveyor and has 25 years' experience in senior roles: at MEPC, where he ran their central London business; as a director of JER Partners, a US private equity fund; and latterly as managing director of the property division of Forth Ports and a member of the group management board.
He will also assume the role of Clerk of the Duchy Council, the Duchy's decision-making body, which is chaired by Lord Shuttleworth, a former Abbey National director who is currently chairman of trustees of the Abbey National Group Pension Funds and Lord-Lieutenant of Lancashire.
The Duchy said Thompson will begin touring the Duchy's various properties and estates in May and officially take up his role on 1 August 2013.
He will replace, Paul Clarke, who spent nearly 13 years at the helm. Clarke said: "I've thoroughly enjoyed my time at the Duchy of Lancaster and am pleased to leave it in Nathan's very capable hands. I know everyone at the Duchy will wish him the best of luck as he begins his new role, which I know from experience, can be challenging as well as incredibly rewarding.
"I'm also very pleased that despite recent trends in the broader property market, I leave with the Duchy in a healthy and robust shape and with lots of exciting opportunities ahead of it."
Thompson said: "I am delighted to be given the opportunity to be part of this historic and prestigious organisation. The Duchy of Lancaster has an impressive and diverse portfolio of assets as well as a strong team. I am very much looking forward to working with them and all those involved with the Duchy."
The Duchy of Lancaster is a private portfolio of land, property and assets across the UK held for the Sovereign in Right of His or Her Duchy of Lancaster. The Duke of Lancaster is a hereditary title, which the King or Queen of the day holds.
Founded in the 13th century, the Duchy of Lancaster is a private portfolio of land, property and assets held for the Sovereign in Right of His or Her Duchy of Lancaster. Today, The Duchy of Lancaster is custodian of 46,200 acres across England and Wales, including key urban developments, historic buildings, farm land and areas of natural beauty. The estate includes 11,500 acres in Lancashire and 4,900 acres in Cheshire.
The Queen is entitled to the income from the Duchy estate, but not the capital or any capital gains which must be preserved for future Dukes of Lancaster.