Land Securities London director Mike Hussey is to leave the company.
In a Stock Exchange announcent today the UK's largest REIT said that he was leaving by mutual agreement at the end of this month.
Alison Carnwath, chairman of LandsSecs, said: 'Mike has made an outstanding contribution to Land Securities. Whilst the company was preparing for a demerger, Mike was set to become the chief executive of a major quoted property company.
'Demerger is no longer a strategic option for the company and following that decision it was agreed by the board and Mike that his future lay best outside the company.
Hussey said: 'Following the decision not to demerge, it was clear that the company had some important objectives to deliver in volatile market conditions. I was delighted to work with colleagues to achieve these goals.
'With this done, I can move on with confidence in what I leave behind and excitement about what lies ahead.'