Barber said: "Although my birthday is 20 months away, I feel that the company needs to start considering the next 28 years. This enables the company to have plenty of time to find my replacement. I look forward to working with the board to establish Capital & Regional's position for the long term."

Tom Chandos, chairman, said "We have agreed with Martin that in light of his wishes, we should start a timely process of selecting his successor."

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