Chesterton finds chief after warning

UPMARKET estate agent Chesterton International has recruited merchant banker Lorraine Baldry as chief executive. The group has been without a chief executive since Michael Holmes left abruptly in September.

It has suffered job losses and a profit warning because of decline in its top-of-the-market residential and commercial divisions.

Baldry, who starts in January, is currently senior adviser to Morgan Stanley's European investment banking division. From 1990 to 1998 she was with the Prudential Corporation in several senior roles, including chairman of its multi-billion pound property investment portfolio. She is a past president of the British Property Federation.

She will bring valuable inside experience of the type of clients who will require the services of Chesterton due to big City bonuses and salaries.

Baldry dined with Chesterton senior executives on Wednesday at their Mayfair headquarters. Chesterton chairman Peter Brooks noted that she was in 'close conversation' with executives from the department that arranges finance for upmarket homes. Chesterton shares added 1/2p to 19 1/2p.