Brixton's CEO Tim Wheeler is to leave and will be replaced by the company's investment director Peter Dawson.

Dawson, 37, has been appointed with immediate effect. He has more than 16 years of experience in property having joined Brixton from Jones Lang Wootton, in 1997.

He was appointed managing director of Brixton Investments in 2004 before joining the board in December 2007. 

Last week Brixton announced that it was pursuing a range of options to provide additional financial flexibility. The board said it has decided to change its CEO at this time to 'ensure that it has the most appropriate leadership in place for the long term future of the company'.

Preliminary results for the year ended 31 December 2008 will be announced on March 16 and Brixton said that today's announcement was 'unconnected to those results'.

Louise Patten, chairman of Brixton, said: ''The appointment of Peter ensures that we have a cohesive team in place to lead Brixton as we pursue a range of options to provide additional financial flexibility for the future.

Dawson said: 'My immediate priority will be to secure additional financial flexibility for Brixton. Despite the unprecedented market conditions, I believe that we have a very strong future with our focus on prime industrial and warehouse property in strategic locations, a diversified tenant base, and excellent customer service and asset management.'

Brixton shares were up nearly 10% this morning in early trading to 31.25p a share.