The Confederation of British Industry's director-general Richard Lambert has announced today that he will be stepping down from the role in early 2011.
Mr Lambert, who was appointed in 2006 for a term of five years, said: "Now is the right time in the political and economic cycle for me to hand over to a new director-general. The CBI is in good shape, with much to do on behalf of its members.

"The new Government in is place, and is generating a huge range of policy issues which the CBI is getting stuck into. And the economy is moving into a new phase, in which business investment and trade will be the essential engines of recovery."

He added that he has no definite plans for the moment, but will be "looking for interesting things to do".

The CBI has appointed executive search specialists Saxton Bampfylde to find Mr Lambert's successor.

CBI president Helen Alexander added: "The CBI has been privileged to have Richard as director-general. As business was in the eye of the storm during the credit crunch and the recession, his experience and wise counsel proved invaluable. He is a wonderful advocate for UK business, his insight and good humour make him a great colleague, and planning his succession is important."