The Young Vic has announced that executive director Lucy Woollatt will step down in December, after a decade at the venue.

Woollatt joined the theatre as finance director in 2008, moving to her current position two years later. Alongside artistic director David Lan she has overseen a transformation of the venue which has seen the company's income double and multiple productions transfer to the West End and Broadway.

During her employment the Young Vic has won six Olivier Awards, four Critics' Circle Awards, four Evening Standard Theatre Awards and The Stage Theatre of the Year in 2015.

On her time in the role, Woollatt said: "I'm incredibly proud of what we have achieved night after night at the Young Vic, on tour and in the West End.

"The appointment of Kwame as artistic director is energising and uplifting and I wish him huge success. I would have loved to continue my time at the Young Vic with him, but I have decided that – after 10 years – now is the right time for me to move on to a new challenge. I would like to thank David and the board for their unconditional support over the past decade."

Lan added: "For more than half my time at the Young Vic, Lucy has been an ideal Executive Director. Rigorous, imaginative, compassionate, judicious, scrupulous and tremendous fun. Nothing we've achieved would have been possible without her willingness to take on all challenges of whatever scale. I'm full of admiration and gratitude."

Incoming artistic director Kwame Kwei-Armah said: "Thanks in no small part to Lucy's hard work I have inherited a phenomenally successful building to lead. I wish her only the best as she continues her journey."

An interim executive director will be appointed while the Young Vic recruits a permanent replacement.