Land Securities executive director Richard Akers is set to step down from the board next year, ending an almost 20-year career.

Akers will leave the business in March, at the end of the company’s financial year on 31 March 2014.

Akers said: “I have had a wonderful and successful career at Land Securities and I am delighted that our achievements include great developments and the nurturing of a talented team. The business is in excellent shape and has a strong pipeline of leadership for the future.

“From a personal perspective, now is the right time for me to move on and fulfil my plan to diversify my interests into a portfolio of roles.”

Akers joined Land Securities in 1995 and was appointed to the board in 2005 initially as managing director of the retail portfolio. In his tenure he was responsible for reshaping the retail portfolio by building close relationships with retailers.

Land Securities chief executive  Robert Noel said: “Richard has made an outstanding contribution to Land Securities during his time in the business. He has been unrelenting in driving the company forward and his experience and counsel have been invaluable. I wish him all the best for the next stage in his career.”

Akers will not be directly replaced at board level and his decision to step down has led to a restructure of the top team, promoting Scott Parsons in the newly created role of managing director of retail portfolio and promoting Colette O’Shea as managing director for the London portfolio.

Parsons and O’Shea will be appointed to a newly created executive committee, which will oversee the company’s operations. Noel will also be on the board alongside chief financial officer Martin Greenslade, the general counsel Adrian de Souza and its human resources director Diana Breeze.