Mr Banks said: "Mark Haysom is stepping down from his role as Chief Executive of the LSC, with immediate effect.
"The LSC has made great progress under Mark's leadership and on behalf of the LSC's National Council, I would like to thank him for the outstanding contribution he has made to the organisation and to its role of improving the skills of people in this country.
"It is typical of Mark to want to take personal responsibility, as Chief Executive, for the difficulties we have experienced with our Further Education capital programme. He has offered to resign and I have reluctantly accepted his resignation.
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"I have appointed Geoff Russell, formerly of KPMG, as Acting Chief Executive of the LSC and look forward to working with him."
Mr Haysom said: "I have been enormously proud of what we have achieved during my time at the LSC. The LSC has been a positive force for good and a tremendous success story. It has helped to change the lives of millions of learners in communities up and down the country.
"During my five and a half years in this role, one of the things that I have been most proud of is our college re-building programme. Thanks to the investments we have made on behalf of the Government we have been able to change the face of Further Education in towns and cities across England.
"It is then with huge regret that I have reached the conclusion that, because of the well-publicised difficulties with that programme, I should now announce that I am stepping down from my role as Chief Executive.
"Leading the LSC has been a very great privilege – the highest point of my career. But, as the man at the top, I am accountable for the performance of the LSC - the good and the bad. There has been so much that has been good and the LSC has received many plaudits but it is now right that I take accountability for the current very difficult situation."
(CD/JM)
