Mapeley chief executive officer Jamie Hopkins is to leave to join London based Chester Properties.
Hopkins will remain on the board of Mapeley as a non-executive director and Nick Friedlos, currently the company's chief financial officer, will become CEO with effect from 1st January 2009.
Hopkins is also to become a consultant to Fortress Investment Group.
Friedlos has over 25 years of accounting and finance experience, with the most recent 10 years being within the property industry.
Friedlos said: 'I am looking forward to having the opportunity to play a leading role in the next phase of Mapeley's growth and development.'
At Chester Properties Hopkins will work along side existing directors Tom Tyler and Steve Lyall to drive the company’s expansion.
Tom Tyler said: 'Jamie’s experience running a FTSE 250 company compliments the broad skill base of our existing team. The current volatility and price correction in the market present excellent opportunities for experienced investors with proven asset management capability.'
Hopkins has been at Mapeley since its formation in 1999.