According to press materials, the actor, director and producer "revived the fortunes and reputation of The Old Vic" after he took it over, placing it "back at the heart of London theatre and secured its reputation on the international stage. His commitment to Old Vic New Voices, The Old Vic’s mentoring programme for emerging talent, and The Old Vic’s education and community work, has made a significant impact on the lives of 100,000 young people and local residents in one of London’s most deprived boroughs."

In a press statement, Caro Newling, president of the Society of London Theatre, commented, "The Society of London Theatre is delighted to formally acknowledge Kevin Spacey’s outstanding contribution to The Old Vic. In general his advocacy of London theatre has been a constant boon, and many of us will miss him as a valued colleague."

Spacey will be succeeded as artistic director by Matthew Warchus.

During his tenure at the theatre, Spacey has starred there in productions of National Anthems, The Philadelphia Story, Richard II, A Moon For The Misbegotten (also on Broadway), Speed-The-Plow, Inherit The Wind, Richard III (also on international tour and at New York's BAM) and Clarence Darrow.

Full nominations for the Olivier Awards 2015 will be announced March 9.