Date Published 21 August 2012

Steve Harriott, chief executive of the Tenancy Deposit Scheme, is quitting just two years after joining.

He will be leaving very shortly, to become chief executive of CDS, a co-operative housing association in south London where he began his housing career in 1985. He will remain on the TDS board in a non-executive capacity.

With a long career in social housing behind him, Harriott's move into the private rented sector was not an obvious one in September 2010. However, he is credited with having turned the TDS around, together with its chairman Martin Partington.

They took over at a time when the TDS had hit financial trouble and was on the verge of collapse after the number of disputes soared way beyond expectation, and costs to angry members were hiked.

Harriott reorganised the scheme, leading to a turnaround in its fortunes. It is currently now re-tendering for another government contract to run a tenancy deposit scheme in England and Wales.

Nick Hankey has been appointed interim chief executive. He has been at TDS since last September as director of resources.

Ian Potter, managing director of ARLA, which was behind the launch of TDS, said: `Under Steve's leadership TDS had made a great leap forward in terms of being much more member focused. He has built an effective team which is well placed to meet the future challenges.`

Harriott said: `TDS is a great organisation, delivering value for money tenancy deposit protection and adjudication services. The team here have worked very hard to make real and lasting improvements to the quality of what we do and I am in no doubt that the team will go from strength to strength.

`I am delighted to be remaining on the board of TDS until a permanent chief executive is appointed and will continue to play a role in TDS's continuing future success.`