Mike Hussey, head of Land Securities’ London portfolio, is to leave the property giant at the end of the month.

Land Securities said that Hussey had left by “mutual agreement” and would be seeking outside opportunities.

His position has been in doubt ever since plans to demerge the company were scrapped in November. Hussey had been due to become chief executive of a newly formed London division when the demerger went through.

Hussey will walk away with £624,000 worth of shares and up to £646,616 in cash as part of his departure package.

Hussey joined the company seven years ago and took over the £5 billion London portfolio five years ago.