Mr McBrearty, who will step down “in due course” and help carry out the process to find a successor, said the decision was made to allow him to concentrate full time on his role as managing director of investments with Equitix.

He will continue to serve on hub South West’s board and, to ensure a seamless transition, will remain in position until a suitable candidate is in post.

Michael has led hub South West since its inception in 2012 and has overseen the development of over £1 billion of social infrastructure projects across Ayrshire, Lanarkshire, and Dumfries & Galloway.

Chair of hub South West, Dr Willie Mackie, said: “Michael has secured a legacy for hub South West of robust financial health, together with an outstanding track record of development and delivery of award-winning projects.

“The team at hub South West has developed a strong forward pipeline of business which is a credit to Michael’s excellent relationship skills. I am particularly pleased he will continue to be a key member of hub South West’s board of directors.”

Mr McBrearty said: “It has been a privilege to lead hub South West since 2012 to its current pre-eminent position, and I can say in all humility that I could not have wished for a better, more dedicated and motivated team to help me do so.

“The sustained success of the business has been outstanding, transacting over £800m of infrastructure and ensuring hub South West was market leading in delivering economic and local social value outcomes.

“This has been achieved by the collective effort, trust and unwavering support of my board of directors, clients, shareholders, contractors, advisers, consultants and local agencies.

“It is important to ensure a seamless transition to the next CEO and I am committed to supporting my successor to help hub South West continue to grow and prosper.”

Equitix, a long-term fund manager of infrastructure and renewable assets, is one of the largest private sector investor partners in the hub public private development partnership. Its commitment to hub South West continues, both as a shareholder and through its provision of project management resources to the business.