Brent Hoberman - chief exec of Lastminute.com - is giving up the day to day running of the business he helped create eight years ago with dotcom pin-up Martha Lane Fox.

Hoberman will become the part-time chairman of the firm - which was snapped up by travel group Travelocity last year for £577m - advising on the strategy and development of the company as well as marketing and technology matters. He will be replaced by Lastminute.com's COO Ian McCaig.

"This company has come a long way in the past eight years. It has been a tremendous journey, but there remains much to be done to consolidate and extend our position in Europe's travel and leisure industry.

"I'm passionate about lastminute.com and its future success and I believe my role as chairman will enable me to take a better perspective of the business and its future strategic development as a whole and support Ian as he takes the business forward." ®

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• Martha Lane Fox back in business (5 July 2005)
• Travelocity buys Lastminute.com for £577m (12 May 2005)
• Lastminute.com rocks following bid approach (11 May 2005)
• Lastminute.com loss statement boosts shares (11 February 2005)