The Corporation, which opens for business on 1st April 2012, will continue the work of the Olympic Park Legacy Company (OPLC), as well as manage some of the assets and responsibilities of existing regeneration agencies in the area, such as the London Thames Gateway Development Corporation.

The Mayor is also announcing his intention to appoint current OPLC Chair, Baroness Margaret Ford, as the Corporation’s interim Chair until the Games are over when she has decided to step down from the role. Until then she will oversee the smooth transition of the Legacy Company to Legacy Corporation completing some key legacy goals including securing tenants for the remaining venues.

The new Corporation will have greater powers over the Queen Elizabeth Olympic Park and a wider area including planning and development control.

Boris Johnson, Mayor of London, said:

“We have an extraordinarily exciting period ahead. Building on the momentum already created by the Legacy Company we are on track to grasp this unique opportunity and harness the Olympic legacy of new jobs, new homes and new communities which Londoners will benefit from for years to come.

“I am grateful for Margaret’s huge contribution over the last three years planning and delivering a solid 2012 legacy and delighted she will oversee this important work until after the Games as well as setting the new Legacy Corporation on a firm footing.”

Baroness Margaret Ford, Chairman of the Olympic Park Legacy Company, said:

“The Olympic Park Legacy Company has accomplished a huge amount and is on track to achieve all of the main tasks that the Mayor and the Government set back in 2009.

“The next phase of the legacy work, including major transformation plans to the Park, are critical and will require a great deal of attention. I have decided therefore that I cannot continue to give the substantial time required for the role so after the Games would seem a natural point to make the change.

“It has been an absolute privilege to work with such a supportive Mayor and ministers, and extremely talented Board and staff members. Together we have set down strong foundations for the future Queen Elizabeth Olympic Park and a major driver of the significant regeneration of this part of East London. But for now it is business as usual and I look forward to continuing to work over the next six months on the further challenges that lie ahead.”