Higgins, former chief executive of construction firm Lend Lease and English Partnerships, will succeed Iain Coucher.

The ODA’s director of finance Dennis Hone will replace Higgins, who will stay on in his post until February 1, 2011.

"It has been a privilege to lead the ODA over the last five years and I am leaving with the Olympic Park on time, within budget and with the finish line in sight," said Higgins, who earns £394,999 per year.

The 56-year-old Australian has been widely praised for ensuring the London 2012 building project remained on time and on budget, surprising many who predicted it would be late and over budget in the wake of the other giant projects like the Jubilee Line Extension and the new Wembley Stadium.

"There was a lot of scepticism when we won the bid as to whether the UK construction industry was up to the challenge," said Higgins.

"Their performance on the Olympic Park is demonstrating that they are world leaders.

"There is still hard work ahead but I am confident we will have created a fantastic stage for the Games in 2012 and that LOCOG will put on a brilliant show.”

Sebastian Coe, the chairman of London 2012, led the tributes to Higgins.

"We could not have wanted for a better partner in delivering the London 2012 Olympic and Paralympic Games," said Coe.

"A large part of the confidence the British public and the IOC (International Olympic Committee) has in this project is due to the great progress David and his team have made on the Olympic Park.

"David’s wealth of experience and his leadership puts us in an excellent position to ensure the athletes of the world have the best possible environment to compete in 2012."

John Armitt, the chairman of the ODA, echoed Coe.

"David has done an inspirational job at the ODA over the last five years," he said.

"We have been tasked with delivering the biggest construction project in Europe on a highly contaminated site to the ultimate fixed deadline.

"David set up the ODA from scratch and leaves it with the project on time, within budget and on the verge of completing the first major venues on the Olympic Park.

"He has done all this at the same time as helping achieve a first class safety record and driving forward innovation in terms of sustainable construction.

"This is an exciting opportunity for David and I am sure he will do a brilliant job leading Network Rail over the years to come."

Hone, Higgins' replacement, has been Director of Finance and Corporate Services at the ODA for over four years.

"He [Hone] has played a key role in our success to date and is a first class replacement," said Armitt.

"He will give the ODA important continuity as we face the challenges that lie ahead."

He previously held a range of senior jobs in the public sector focused on regeneration, joining the ODA from English Partnerships, the Government’s national regeneration agency, where he was chief operating officer. 

His previous roles include deputy chief executive and director of finance at the Commission for the New Towns and financial controller of the London Docklands Development Corporation.

Higgins is already a non-executive director at Network Rail.

"Network Rail is one of the most important companies in the UK - an efficient railway underpins a modern economy – and therefore a challenge I could not turn down," he said.

"Network Rail and the rail industry have transformed the train service in Britain in the last eight years - trains run on time and the railway is safer than ever.

"My priority is to bring Network Rail and the industry closer so that together we can continue to improve service, efficiency and safety and add much needed capacity to a railway network that is nearly full."

Network Rail chairman Rick Haythornthwaite said one of the key challenges for Higgins at Network Rail would be planning Britain’s proposed High Speed 2 rail network.

Coucher, who has been with the company for eight years, announced his departure in June, amid criticism over his earnings.

He is due to leave at the end of next month.

"We recruited David to the Board earlier this year because of his track record in leading large organisations, delivering demanding projects and managing a complex range of commercial interests and wider stakeholder sensitivities," said Haythornthwaite.

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