Segro has announced that its chief executive Ian Coull will retire from the business during the course of 2011, when a successor has been appointed.
The industrial property landlord, which controls 5.7m sq ft of warehouse space in the North West, said Coull is taking up a new role as chairman designate of house building and construction group Galliford Try.
Coull will join the board of Galliford Try as a non-executive director on 8 November and will become chairman on 1 July 2011.
The process for selecting a successor to Coull is underway and will include internal and external candidates.
Nigel Rich, chairman of Segro, said: "The board is extremely grateful to Ian for his outstanding leadership of Segro over the past seven years. Ian has been an inspirational leader and he leaves behind a well focused business.
"Today, we have a high quality property portfolio, positioned at the heart of Europe's industrial economies. We are now Europe's largest industrial REIT and that is testament to the hard work and vision of Ian and the whole Segro team."
Coull added: "I am incredibly proud of the transformation Segro has been able to undertake during my time as chief executive.
"I would not have been able to make these changes without the support of a great team. I would like to thank them for their unwavering commitment. I will be handing over to my successor a business that is well positioned to benefit as underlying markets recover."