The chief executive of regeneration specialist St Modwen has stepped down from his role.
Mark Allan is leaving the Birmingham-based group to join Land Securities as chief executive.
Listed St Modwen is behind a number of key projects in Birmingham and the wider West Midlands, notably the £1 billion regeneration of Longbridge.
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Mr Allan joined the company in November 2016 and will leave next May but will continue to play an active role in the business in the meantime.
He previously spent ten years as chief executive of student accommodation provider Unite Group.
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Mr Allan said: "I am very proud of what we have achieved at St Modwen over the past three years.
"We have repositioned the portfolio towards stronger growth sectors and substantially reduced our exposure to more challenging sectors such as retail and London residential land in a timely manner.
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"In the process, we disposed of nearly half our initial portfolio and substantially reduced our borrowing, creating financial capacity to grow.
"We have a strong team in place, good momentum in the performance of the business and I have every confidence that St Modwen will go from strength to strength."
St Modwen's non-executive chairwoman Danuta Gray said: "While we will be disappointed to see Mark leave, we have achieved an enormous amount over the past three years while he has been in post.
"We now have a clear strategy focused on sectors with strong structural growth characteristics, an aligned and talented management team in place to deliver, plenty of financial capacity and a deep pipeline of opportunities, all of which continue to underpin our growth ambitions.
"I would personally like to thank Mark for everything that he has achieved over the past three years and for his support to me over the past 12 months.
"The board and I wish him well in his new role."
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Cressida Hogg, chairman of London-based Land Securities, added: "Mark has been a highly successful chief executive of two companies in the property sector.
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"He has demonstrated strong management skills and the strategic insights that we believe will build on the strengths of our business today and be invaluable for the next phase of Landsec's evolution.
"On behalf of the board, and all of my colleagues in the business, I welcome Mark to Landsec and look forward to working with him when he joins next year."
Robert Noel will continue as Land Securities' chief executive for the time being and a further announcement will be made in due course regarding his leaving date.