Alan Jackson, the chairman of nightclub operator Luminar, is to step down at the company's forthcoming AGM on 13 July.
John Leach, who was recently appointed non-executive director, will take on the role of chairman from that date.
Jackson said: "My plan at Luminar was to appoint a new executive team, to recruit my successor and then to hand over. John Leach has strong turnaround expertise and is well placed to guide the team to reignite growth in the business. The timing will allow them to do so as a strong and united team."
Leach said: "My sole purpose is to return value to shareholders. I have known the Luminar business for a long time, firstly as a large institutional shareholder and now as a director. It is a good business and has an excellent newly formed management team. Together we will focus on generating strong returns for our shareholders."
By Neil Gerrard
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