New Generation Homes' chief operating officer, Silvia Shiliashka, is leaving the house-building company run by Greg Kavanagh and Pat Crean.

Ms Shiliashka joined New Generation shortly after its backer, London-based M&G Investments, agreed to fund the Irish business, and was one of its directors.

She continued to live in London, commuting to Dublin, but it is understood that a change in her circumstances means she is no longer in a position to give the time required to fulfil roles in both cities.

New Generation confirmed that she was departing, and said that it plans to begin the search for a new chief operating officer shortly. The company said it wished Ms Shiliashka well.

Before joining the Irish company she held a senior position in London investment bank Moelis, which helped New Generation to recruit M&G as a backer.

Mr Kavanagh and Mr Crean set up the company several years ago, and it began buying residential building sites in Dublin when the market was at its lowest. The company has projects requiring about €2 billion in funding in its pipeline.