Maclay Murray & Spens has elected a new chief executive with Chris Smylie taking over the reigns from Magnus Swanson.

Smylie will take up his new role on 1 June 2011 when Swanson's third term at the helm of the big four Scots firm comes to an end. Swanson (pictured) will return to fee earning as a partner in the firm's corporate practice.

Smylie is currently head of the firm's real estate division and a board member, based in Maclay's London office. It is currently unclear who will replace him in his role as head of property.

Swanson said: "It has been a tremendous privilege to lead Maclays through three terms and I am grateful to staff, partners and, most of all, our clients for their support and loyalty over this period.

"As a board member and divisional head, Chris Smylie has been heavily involved in the formulation of the firm's strategy and has worked closely with me, the executive team and a wide range of partners from each of our four offices in its implementation. He is an excellent choice as our new chief executive."

Maclays chairman Robert Laing added: "We are grateful to Magnus for his leadership, strategic vision and commitment. He hands over the reins with the firm in a strong position and will work with Chris Smylie over the coming months to ensure a smooth transition."

During Swanson's tenure, turnover at the firm increased from approximately £30m to its most recent 2009-10 figure of £52.5m.