Travelodge CEO Grant Hearn is to leave the budget hotel chain after 10 years in the role.
He is looking for a new challenge in a CEO role, ideally with a private equity company.
The Travelodge Board has started an external search for a new CEO and Hearn will remain in his role as through this transitional period.
Hearn joined Travelodge in 2003 as CEO after previously working for Hilton UK & Ireland as managing director for three years.
He was CEO from 2003 until July 2010 when he was appointed to the position of chairman.
Hearn was asked by the Travelodge Board to return as CEO in April 2012 to oversee the company’s financial restructuring programme.
"Travelodge has been an integral part of my life over the past ten years and this has been an incredibly tough decision for me to make," said Hearn.
"It has been a real privilege to lead the Travelodge team and work alongside some of the most talented people in the industry. Together we have built Travelodge into one of the UK’s best hotel brands and made staying away in a hotel an everyday concept.
"Now, that Travelodge has a solid foundation under new committed ownership and is one of the UK’s most recognised brands. I feel comfortable that the company is in a strong and secure position for me to move on.
"Exciting plans lie ahead for the business and for the new CEO, who will drive this next phase of development and growth."
