Nick Porter, 36, the founder of student accommodation provider Unite, is stepping down as chief executive.
He will be replaced by chief financial officer Mark Allan, 33, at the end of the year. Porter will move to the new role of non-executive deputy chairman.
Porter said: “The time is right, both for me and the business, to pursue other commercial and charitable interests.”
The news emerged on the back of strong results for the year to December, which saw pretax profit as reported under international financial reporting standards increase 64% to £28.1m.
Net asset value per share was up 11% to 363p and rental income rose 21% to £81m.
References: EGi News 17/03/06
