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.

Said Hoberman: "Since I co-founded Lastminute.com in 1998, I haven't seen much daylight and I feel it's time to broaden out a little."

"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." ®