Metrovacesa’s chief executive Jesus Garcia de Ponga has resigned from the company.
De Ponga’s resignation was accepted by the board on Feburary 12.
His resignation follows a tumultuous year for Metrovacesa in which its majority owners – the Sanahuja family - ceded control of the company in order to repay a €5.2bn (£4.6bn) loan to a consortium of lenders which was used to finance the purchase of Metrovacesa.
The family, which controlled more than 80% of the capital, told regulators it would exchange a 54.75% holding in the troubled group for the cancellation of €2.1bn of debt.
The family will also receive a small cash sum.
BBVA, Banesto, Banco Popular, Banco de Sabadell, Banco Santander and Caja Madrid are the creditors.
The banks have also agreed to buy an additional 10.7% stake in a side deal with mainly institutional investors, which the family has the option to buy back within four years.