Mark Reynolds, Group Chief Executive, will take up a new role as joint Chair and Group Chief Executive of the business. Pycroft will continue to sit on the Mace Board and will remain a major shareholder.

He joined Mace in 1993 and was appointed to the Board in 1995 before becoming Chief Executive in 2004.

Pycroft led a management buyout of the then £90m turnover Mace in 2001 and the company now boasts annual revenues of more than £2bn.

Pycroft said:  “Over the past three decades I have been extraordinarily proud to lead and watch Mace grow, whilst we continued to challenge convention and find better ways to deliver for our clients.

“We have helped to shape cities and redefine our industry – and we’ve been able to do so because we’ve been privileged to work with some of the best colleagues and clients in the world.

“Our people and their commitment to doing things differently continue to inspire and impress me every day, and – although I am stepping down as Chair – I will continue to support the Executive Board in my new role.”

Reynolds added: “There can be few people in our industry who can claim to have had such a huge impact on how we operate as Stephen. His commitment to our company and to developing exceptional talent has always shone through, and many of the senior leadership at Mace would not be here without him.

“Since I became Chief Executive of Mace in 2013, Stephen has supported me and many colleagues as we’ve continued to grow the business and support our client to achieve their ambitions.

“His legacy will be admired by many for taking a small consultancy business and turning it into a resilient global business. We are all extremely grateful for his leadership and support I and the Board look forward to working with him in his new role.”