He is being replaced with immediate effect by Gregor Craig as President and CEO.

Putnam has decided to move on to develop a portfolio of non-executive directorship positions and he will continue to work with Skanska UK in a non-executive capacity.

Craig joined Skanska UK’s Executive Management Team in 2015 and has had responsibility for both infrastructure and building operations.

He joined Skanska in 2003 as Operations Director for the company’s London commercial building operation, having spent the earlier part of his career at John Laing, Wates and Carillion, in both operational and commercial roles.

Anders Danielsson, Skanska AB Executive Vice President, said: “I would like to thank Mike for his great contribution to Skanska over many years.

“He has decided that he wants to move to the next stage of his career and we wish him well.”

Putnam said: “I have thoroughly enjoyed my time leading an amazing organisation, with amazing people. I am very proud of the inclusive and caring culture we have created over the last few years, which I believe is unique in the UK.

“I am also excited about the next phase of my career, while maintaining strong links with Skanska.”

Craig said: “I am incredibly proud and excited to be given the opportunity to lead Skanska UK.

“We have built a great reputation within the industry and we are brimming with hard-working, ambitious and talented people.

“Even with our current industry-leading performance, I believe that we have still more potential to demonstrate to our customers and I look forward to playing my part to unleash it.”