Mr Altman will step down as Chief Executive as the Corporation enters a new phase focused on construction. His leadership in laying the foundations for London’s Olympic legacy means the capital is more advanced in its legacy planning and execution than any prior host city.

Mr Altman has played a key role in leading the vision to transform the 500 acre Queen Elizabeth Olympic Park into a new, international centre of economic growth that will create a thriving new community, accommodating over 7,000 new homes, creating thousands of new jobs and opening a huge swathe of London previously neglected.

Mr Altman stated that his goal in his three years as Chief Executive was to lay a solid foundation to ensure a successful post-Games legacy, and this has been accomplished.

Specific accomplishments include:

• Creating a new master plan for 10 million square feet of development and five new residential neighbourhoods;
• Attracting top developers to build the first neighbourhood of the legacy master plan – Chobham Manor – which will have over 70 percent family housing;
• Securing over £400 million for infrastructure, programming and regeneration;
• Securing post-Games operators for major venues, including the Aquatics Centre, Multi-Use Arena, Orbit and parklands;
• Leading in the development of a new signature public space that will be east London’s South Bank of the future;
• Building an organisation to deliver the legacy programme.

Mr Altman said:

“It has been a tremendous honour to lead this once-in-a-lifetime project that will transform the face of London and will be a spectacular example of city-building the world over.

“I am proud to have been able to set the table with a clear vision, resources and commercial investment. It is now the perfect time to transition the project to one focused on construction, so there will no disruption after the Games in implementing the legacy vision we have crafted.

“I especially want to thank Mayor Boris Johnson for his support and leadership without which this could not have been achieved.”

Daniel Moylan, incoming Chairman of the London Legacy Development Corporation said:

“Andy Altman has made a huge personal contribution to the future of the Olympic Park and we thank him for putting us in such a strong position.

“We now begin the recruitment process to find a successor to lead the Corporation through its vital next phase.

“While this happens, Dennis Hone, Chief Executive of the Olympic Delivery Authority, has agreed to make himself available part-time as interim Chief Executive, with the agreement of the ODA, to support the Corporation’s management.”

Mr Altman will step down as Chief Executive on 15 August 2012. An announcement on his successor will be made in due course.