New Land Securities boss to step up pace as Francis Salway departs "When I joined I always planned to do something else," he said. Whatever I do next will not be an afterthought. Mr Salway said he does not have a new job lined up but that his next role "won't be chief executive of a listed property company." He has overseen a dramatic period for Land Securities since being appointed in 2004. The company became one of the first tax-efficient Real Estate Investment Trusts in the UK. However, it was then forced to sell off assets and turn to shareholders in a £755m rights issue following the collapse of Lehman Brothers. Since the global recession, the company has embarked on a major development drive. It is constructing the Walkie Talkie skyscraper in the City of London and Trinity Leeds shopping centre. It has also opened retail centre One New Change in London. In a trading update on Tuesday, the company said empty space in its portfolio had fallen from 3.3pc to 3.1pc in the quarter to December 31 despite the challenging retail market, and confirmed it has secured a new £1.05bn revolving credit facility. "I wanted to make sure the business was in a good state," Mr Salway said. It is exactly how you want to hand a business over. Mr Salway initially told Land Securities chairman, Alison Carnwath, of his plan to leave in late 2010. It is understood she was "surprised" by the news. Ms Carnwath said yesterday that Mr Salway has been an "excellent chief executive" and "unrelenting in his focus to build a more efficient and effective company." Shares in Land Securities fell 9.5p, or 1.4pc, to 682p following the announcement. "We believe Francis Salway leaves the company in good shape," said Harm Meijer, analyst at JP Morgan.