Robert Noel has formally taken over as Group Chief Executive at Land Securities, the largest Real Estate Investment Trust in the UK.
Noel was previously Managing Director of the company's London Portfolio, and is a recent recruit, having joined the firm from Great Portland Estates in 2010.
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Since Salway took over in 2004, Land Securities had a roller-coaster ride, nearly doubling in value by the end of 2006, then crashing, along with much of the property sector in 2007.
Over his entire tenure the stock has lost around 32%.
"Land Securities has a clear strategy and is a very well positioned business," Noel said.
"I would particularly like to thank Francis for his support and, on behalf of everyone at Land Securities, wish him well for the future."
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