Mr Cowans will continue to lead the group and support a planned transition process until his retirement on March 31, 2022.

As CEO, Mr Cowans has been responsible for the expansion and growth of Places for People which now manages c200,000 homes across the country and is one of the largest developers of affordable housing through its Placemaking approach.

The group said it continues its focus to create affordable homes and sustainable communities, and David will continue to lead the implementation of the business plan and support the succession planning over the next 12 months.

David, who will be 64 when he retires, said: “It has been, and remains, a privilege to have worked with many committed and hardworking people to develop the vision and the culture of the group as it is today. I am proud to be part of Places for People.”

Richard Gregory, chairman of Places for People, added: “The group will owe David a huge debt when David retires, as he will leave behind a legacy creating one of the country’s leading affordable-led placemakers. The strength in depth of the senior leadership team which David has assembled and handing over a business that is in very good shape, are his final legacy and a great way for a CEO to bow out.

“During the next 12 months, I am looking forward to working with David on business as usual, embedding our new three-year business plan, the succession planning process and delivering a smooth transition until he retires.”