(Jack) Outerbridge has announced his retirement as president of the company, effective December 31, 1993. He will take over as chairman of LPG's board of directors.

Mr. Outerbridge will be succeeded as president by the firm's current vice president, Mr. David P. Gutteridge.

He said yesterday: "I have seen many changes in the company over 40 years and I'm pleased to be leaving the day-to-day running of the company in the capable hands of David Gutteridge and a strong executive team.'' Mr. Outerbridge began his career with LPG soon after Mr. Lawrence Patrick Gutteridge started the company in a small office on Front Street.

The company grew quickly and moved to Par-la-Ville Road and then built its own building, the L.P. Gutteridge Building, on Bermudiana Road, where the company still operates from today.

Mr. Outerbridge took over as LPG's president in 1978 and has been instrumental in developing some of Bermuda's most important properties, including Knapton Estates, Trimingham Hill and Tanglewood Estates, and played a major part in the early development of condominiums in Bermuda, including Fairylands and Landmark.

More recently, he played a role in the development of Convict Bay in St.

George's, the revelopment of the Hamiltonian on Langton Hill and he was agent for the ill-fated Ritz-Carlton development in Warwick.

Other new appointments at LPG are: Mr. Francis Patterson to the position of executive vice president and Mr. Terry Faulkenberry to vice president of mortgage and investments.

Mr. Jack Outerbridge.