Max Steinberg is leaving the Housing Corporation after 25 years to be chief executive of East Lancashire's market renewal pathfinder.
His successor as the corporation's director of investment and regeneration in the North has not been named.

He joins David Taylor, former chief executive of English Partnerships and Amec Developments, who became Elevate East Lancashire's chairman earlier this year. The project covers Burnley, Blackburn with Darwen, Hyndburn, Pendle and Rossendale councils, and faces the challenge of pulling 80,000 homes out of low demand.

Steinberg's move was met by "wailing and gnashing of teeth" at the corporation, according to one source. The source said: "He was very good at building connections, especially politically. If the corporation doesn't get the right replacement, it will suffer."

Steinberg said: "Leaving the corporation is obviously one of the most difficult decisions I have ever had to take but this is the proverbial opportunity I couldn't refuse."

, although sources predict that it is likely to be an internal candidate.

"The Corporation has always played – and will continue to play – a key role in revitalising and creating sustainable communities. I could not have hoped for a more thorough grounding for tackling the issues and challenges ahead."

He said he had a keen interest in the market renewal project, having been involved in its inception, and was looking forward to the chance to deliver on the ground.

It is a time of change for the regulator, which has yet to nominate a new chair to take over from Baroness Brenda Dean when she steps down in September.

It is presently in the process of shortlisting candidates after applications closed last month.