British Land property investment director Bob Bowden will leave the company at the end of the year.
A statement to the Stock Exchange this morning said that Bowden would step down from the board on 31 December, and that his responsibilities would be assumed jointly by head of retail Andrew Jones and by head of offices Tim Roberts.
Bowden joined the company in 1992, and was an executive director from 1997.
Chief executive Stephen Hester said: ‘We are sad that Bob is retiring and owe him our deep gratitude and appreciation. He has served the company with great distinction for many years and leaves having smoothly and effectively handed over his responsibilities to the next generation.'