The chief executive of the UK's biggest property company, Land Securities, stepped down today denying rumours of a rift with chairwoman Alison Carnwath.
Francis Salway, who has led LandSec since 2004, was reportedly given a six-month deadline by Carnwath to turn the business around in May 2009 after posting losses of £4.8 billion.
The credit crunch and recession also forced LandSec to abandon plans to split into three, stretching shareholder patience.
Salway said that Carnwath - who has a City reputation as a no-nonsense operator - had been "surprised" when he originally told her of his intention to quit at the end of 2010.
"It has been a very harmonious relationship and we have achieved a lot. That doesn't happen with fractious relationships," he said.
Rob Noel, the current head of LandSec's vast London business who oversaw the completion of its groundbreaking One New Change shopping centre at Cheapside, will take the reins at the end of March on a £680,000 salary.
The exit continues the trend of recent senior departures in the sector including Ian Coull at Segro and Jonathan Lane at West End landlord Shaftesbury.
At 54, Salway has at least one more top job in him.
"Eight years in the role of chief executive is quite a long time," he said. "When I joined LandSec I never intended to stay for the balance of my career.
"I don't have a new position to go to, but you will not see me as the chief executive of a listed property company."
Salway, who earned £1.3 million in salary and bonuses last year, won't get a payoff when he departs at the end of March.
He will, however, retain share options under long-term incentive plans linked to his performance until then.
Despite a weakening economy, Salway leaves the business in good shape. Its major developments continue to attract tenants - with property giant CBRE recently signing up for office space at One New Change - although deals are taking longer to get done.
The only blemish was in the group's retail portfolio, where the recent spate of strugglers - Peacocks, La Senza, Barratts and the Officer's Club - pushed the share of its units in administration to 2%.
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The copany's shares eased by 5p to 686.5p.
Liberum Capital's Alison Watson said: "We believe that the appointment of an internal candidate will allow for an orderly succession."
