Nic Lyons, the managing director and CEO of Australian listed property trust GPT, will leave the company immediately.
His departure comes as GPT reviews the structure of its senior executive team.
It has started the search for a replacement, but in the mean time his responsibilities fall to chief operating officer, Michael O’Brien.
Lyons has been chief executive of GPT, which owns GPT Halverton in the UK, since 2000.
He will receive a payment equivalent to nine months of his fixed annual salary, excluding bonuses.
Additionally, GPT chairman, Peter Joseph will not stand for re-election at its AGM in May 2009.
The news comes the same day that the GPT Group has announced plans to raise AU$1.6 billion (£656m) of capital. A search for a new chair will begin once GPT has met its target capital.