Confederation of British Industry (CBI) director general, Richard Lambert, announced this week that he will be standing down from his position.
Lambert plans to leave in 2011 after spending five years in charge of the business lobby group. In his issued statement he said that he has not yet decided on any firm plans for his future.
Before taking the position, Lambert was a member of the MPC (Monetary Policy Committee) and is the Financial Times former editor.
In his statement Lambert said that it is the right time in the economic and political cycle for him to hand over his position as director general to a new candidate adding that with the new policies enacted by the Government will come greater and new challenges for the CBI.
He continued to say that the economy is moving into a phase in which the engines of recovery will become trade and business.
The CBI has not announced who will replace Lambert, but the lobby group has already appointed the head-hunters firm Saxton Bampfylde to search for potential candidates.