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He will step down from the role in December and will not be replaced, the firm said on Wednesday.

The surprise news follows a series of blows to the village in Stratford, which is believed to be facing a 拢400m funding shortfall.

Nigel Hugill

Last week, as it emerged architect Ian Ritchie was leaving the scheme, Lend Lease announced it had reached an interim agreement with the Olympic Delivery Authority (ODA) to act as project manager for the construction of the village. This leaves the ODA temporarily responsible for funding but enables work to progress.

The ODA said it was hopeful that Lend Lease would take an equity stake in the project by the end of the year, but Greg Clarke, Lend Lease鈥檚 chief executive, said this depended on the state of the credit markets.

Hugill, formerly a director at developer Chelsfield, was brought in by Lend Lease in 2005 to help rebuild its development arm. With Robin Butler, who also worked at Chelsfield, he helped secured Lend Lease鈥檚 role as developer on the athletes鈥� village and the 拢1bn regeneration of Elephant & Castle in London.

But the firm has withdrawn from major projects in Stockport and Canning Town, east London, this year.

Lend Lease said Butler would remain as development director until September 2009 and Dan Labbad, who joined the firm as chief executive officer of Lend Lease UK鈥檚 retail and communities鈥� arm in March, would stay on in the role.

Rob Johnson and Labbad will continue to run the Stratford scheme, as project director and executive sponsor, respectively.

Hugill said: 鈥淭he delivery at Stratford is on track and in the best of hands. It is the right time to seek new opportunities.鈥�

Labbad added: 鈥淗aving built the business to this point is a great achievement and I would like to thank Nigel for his contribution in the last three years and wish him all the best in the future.鈥�