Chairman Andrew Osborne said: “I would like to thank Andy for his commitment, unwavering support and vision during his eight years with Osborne.
“Andy was instrumental in transforming our business strategy, whilst achieving many successes under his capable leadership.
“Andy carefully prepared our Infrastructure business for divestment, the sale of which completed in September this year. This important strategic move simplified the group and means that all our operating businesses can now fully focus on residential and education markets and we are in a great position to add value at every stage of the property lifecycle.
“Under Andy’s stewardship, the Developments business has completed several very successful Purpose Built Student Accommodation (PBSA) developments and now has a strong pipeline of PBSA and Build to Rent projects currently in early planning or in construction.
“Innovaré Systems, our offsite manufacturing business for schools and housing, has been substantially expanded, including the addition of automated state-of-the-art plant and equipment.
“All this has been achieved whilst steering the company through the substantial impacts of the pandemic on top of the uncertainty of Brexit.
“Having successfully completed this phase of our transition, Andy felt it was the right time to move onto his next challenge.
“I wish him well and thank him as we enter the next stage of our Osborne journey.”
Steele is also currently chair of industry trade body Build UK.
Steele will be replaced at Osborne by Non-Executive Director Dave Smith who joined the firm last month and now takes over as Interim Group Chief Executive with immediate effect.
Smith’s previous roles include Chief Operating Officer and Construction MD at Wates, Managing Director positions at McLaren Group and Balfour Beatty and Non-Executive Chairman for the Claritas Group, where he is retained as an advisor.
Osborne said: “Dave is a highly experienced construction professional with over 40 years in the industry, he has been instrumental in building and leading successful privately owned and plc businesses.
“He brings a wealth of experience leading award-winning corporate responsibility and sustainability programmes.”
Latest results for Osborne show the group suffered a £14m loss last year which prompted a restructuring and the sale in September of its £200m turnover infrastructure business to London private equity firm Sullivan Street Partners for an undisclosed sum.