Francis Salway is to hand over his position as chief executive of Land Securities to Robert Noel, currently managing director of the UK REIT's London portfolio.

In a statement on Tuesday, Land Securities said Salway has decided to stand down at the end of the financial year on 31 March 2012 and leave the business. Salway, 54, joined Land Securities in 2000 and became chief executive in 2004.

'The business is in very good shape and has strong leadership for the future,' said Salway. 'From a personal perspective, I now have the opportunity to fulfil my plan to take on a new challenge for the balance of my career.'

Robert Noel, 47, joined Land Securities in 2010 as managing director, London Portfolio, from Great Portland Estates where he was property director. He has led the London team in starting several major developments, releasing capital from sales of schemes such as Park House, W1, brought a focus on lengthening and strengthening income through asset management and negotiated partnerships on key projects such as 20 Fenchurch Street, EC3.

Noel will assume the post on an annual salary of £680,000.