Commercial property giant Lend Lease has announced it is to promote a new chief executive.
Steve McCann, finance head, is to take over the role from Greg Clarke at a difficult time.
Lend Lease is tasked with funding part of London’s Olympic games build, the Olympic Village.
“We are delighted to confirm Steve McCann’s appointment,” said chairman Mr Crawford.
“Steve has already made a significant contribution to Lend Lease. His financial and earlier legal experience together with his in depth knowledge of the Lend Lease Group, make him well prepared for the CEO role,” he went on.
The Australian firm is hoping revenue from the sale of the Olympic Village and associated commercial property will help it achieve a good return.
It has already committed to putting £1 billion of private equity into the village but has been unable to convince investors to part with the cash.
Southern Housing Group, however has agreed to help and will join developers First Base and East Thames Group.