In a statement, Boyd said: "This is my tenth year as Artistic Director, and next year will be my last. I have always said that it would take ten years to make a genuine difference in the life and the soul of the company, and though ten years will not be enough to achieve all that I would like, it will be time for me to pass the challenges on to a new Artistic Director."

In her statement, Heywood said: "I am immensely proud to have led the team that built arguably the finest theatre for Shakespeare in the world, which is loved by both artists and audiences. Delivering a £112.8m transformation project, which included a multi-award-winning theatre building, on time and on budget, has been one of the greatest achievements of my career. Michael and I have decided to leave at the same time because that is the right decision for the company. This is a planned and slow departure with a progressive transformation to a new leadership who will take the company forward for the next decade.