Mace has anointed Mark Reynolds as successor to chief executive Stephen Pycroft

In an internal announcement last month, the £608m-turnover firm, which is the contractor on the Shard in London and one third of the Olympic Games delivery body CLM, promoted him from board director to deputy chief executive.

Reynolds will continue in his role as deputy programme manager on CLM.

A Mace statement said the promotion was recognition for his efforts on CLM and his “integral contribution to driving the business forward”.

Last February, Pycroft told Building his successor would be Reynolds, Gareth Lewis, the chief operating officer of the construction board and the man responsible for the Shard, or Mark Holmes, who leads the consultancy board.

A senior source at Mace said Reynolds was well respected within the company. “Mark is a first-class individual, it’s a great choice. His style is more consensual than Steve’s but he knows his stuff.”

Before his work at CLM, Reynolds was the director responsible for Heathrow Terminal 5 and Mace’s involvement on the BAA framework between 1996 and 2006.

It is not known when Pycroft will step down from the top job but last year he said he would exit within five years. The Mace source added: “I imagine it will be in 2013 after cash comes in from hitting key performance indicators on the Shard and Olympics.”