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Land Securities chief executive Francis Salway is to leave the firm in March be replaced by the firm鈥檚 current London managing director, Robert Noel.

Salway, 54, has been in charge of the firm for eight years, after joining in 2000, overseeing the development of over 8 million ft² of development projects, including One New Change in the City and Princesshay in Exeter.

Salway鈥檚 replacement, Robert Noel, joined the firm in 2010 from Great Portland Estates where he was property director.

Noel has been responsible for leading the London team in starting several major developments, and has negotiated partnerships on key projects such as 20 Fenchurch Street, EC3.

The news comes as the firm reports 鈥済ood progress鈥� on out-of-town retail developments in its third quarter interim management statement, with planning permissions achieved at its 146,000 ft² scheme in Crawley.

However, it said it had still not decided to press ahead with development of its proposed 377,000 ft² office scheme at 30 Old Bailey and 60 Ludgate Hill, EC4, despite the fact demolition is nearing completion.

It said: 鈥淲ith a relatively short construction time of 22 months, we remain flexible as to when we start construction.鈥�

Francis Salway said he had had a 鈥渨onderful鈥� eight years leading Land Securities. 鈥淭he business is in very good shape and has strong leadership for the future. 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,鈥� he said.

Robert Noel, who will receive a 拢680,000 salary, said: 鈥淚 am delighted to be asked to take over as chief executive of Land Securities. The business enters 2012 well positioned with high quality assets, a strong balance sheet and an excellent team. We will build on these strengths and I am looking forward to working with my colleagues to make the most of the opportunities ahead.鈥�

Salway will step down on 31 March, and will receive pay only up to that date.