Smith, who will step down from 31 December 2023, will remain as an advisor to the business until the end of September 2024 to ensure a smooth handover of responsibilities and to provide advisory support.

Richard steps down after 13 years with Unite, having been chief executive from 2016. During this time, the Company has grown to 157 properties across 23 university towns and cities, providing high-quality homes to over 70,000 students.

Smith is stepping down to pursue his personal interest in supporting the education and development of young people, including understanding issues that affect mental health, the company said in a statement.

Following an extensive selection process, the Board has appointed Joe Lister as Chief Executive, effective from 1 January 2024.

Lister steps into the role after 22 years with Unite, including 15 years as Chief Financial Officer.

Following Lister’s appointment as CEO, Michael Burt, currently Group Investment Director, will be promoted to Chief Financial Officer, also effective from 1 January 2024. He will assume responsibility for all areas of finance and brings with him a wealth of experience in the sector. Burt joined Unite in January 2019 from equity brokerage Exane where he was head of real estate research.

Richard Huntingford, chair of Unite Group, said: 'On behalf of the Board, I would like to extend our sincere thanks to Richard and acknowledge his significant achievements over the last eight years as CEO. He has been a driving force behind our successful strategy of aligning to the best universities where demand is highest and building Unite into a purpose-led, responsible business. As a result, we have seen significant and stable growth and are today an established provider of choice for the UK higher education sector with over 60 valuable university partnerships.'

Joe Lister said: 'Unite Students is poised to enter a significant period of opportunity, uniquely positioned to grow our platform and tackle the shortfall of suitable accommodation for students.'