Mr Salway, 54, joined Land Securities in 2000 and became chief executive in 2004. Since then, the company has delivered more than eight million square feet of development projects. He steps down on 31 March.
Mr Salway said: "I have had a wonderful eight years as chief executive of Land Securities, and I am delighted that our achievements as a board include a smooth succession process. The business is in very good shape and has strong leadership for the future. From a personal perspective, I now have the opportunity to fulfil my plan to take on a new challenge for the balance of my career."
Mr Noel, 47, joined Land Securities in 2010 as managing director, London Portfolio, from Great Portland Estates where he was property director.
The company disclosed that his salary as chief executive will be £680,000.
Land Securities chairman Alison Carnwath said: "Francis has been an excellent chief executive for Land Securities and has been unrelenting in his focus to build a more efficient and effective company. He leaves behind a robust business and a stronger team and it was clear to the board that he had also identified a natural successor.
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