Iacobescu retires from Canary Wharf Group 

Sir George Iacobescu will retire from the board of Canary Wharf Group (CWG) on 1 July, 36 years after he started working on the regeneration of the Isle of Dogs. 

Iacobescu is widely credited with turning the destitute former Docklands site into a powerful financial hub, originally as an executive at developer Olympia & York from 1988 and then as chief executive of CWG from 1997. 

Iacobescu stood down as chief executive of CWG in 2019, originally becoming executive chairman and then, since 2021, non-executive chairman. He will be replaced in the latter role by Legal & General chief executive Nigel Wilson. 

Iacobescu was born in 1945 and grew up in communist Romania, studying civil engineering at university in Bucharest before escaping to Canada in 1975. He worked as an engineer for developer Olympia & York before moving to London in 1988 for the company. 

He was knighted for services to charity, community and the financial services industry in the 2012 new year hounours. He remains the only Romanian-born person to be knighted.

Iacobescu said: “It has been the honour and the challenge of a lifetime to have worked with an extraordinary group of people transforming a derelict dock into a thriving mixed-use city district. CWG is the first company on the planet to have built an entirely new central business district from scratch.

“Today, Canary Wharf is home to thousands of residents, businesses large and small across many sectors, one of the UK’s busiest shopping centres as well as parks, gardens, shops, restaurants and bars. It is a thriving community in the heart of the old East End.

“With the continuing growth of the tech sector, health and life sciences, new leisure activities and the greening of the Wharf, there are exciting times ahead for the estate.

“I am particularly proud of the close working relationship we have had with the local community and the whole of London, helping support local employment and acting as the anchor for the regeneration of east London.

Wilson said: “For over three decades, Sir George’s visionary leadership, design prowess, and engineering acumen have transformed Canary Wharf into a mini-city that competes on a global stage. 

“I have had the privilege of observing his contribution as a force for progressive change for the UK economy, generating jobs, supporting construction firms and bolstering the wider business community. I am honoured to be stepping into his role as chair.”