Brent Hoberman, co-founder of online retailer Lastminute.com, is stepping down as chief executive after eight years running the business.
Brent Hoberman will still be involved with the business
Mr Hoberman, who launched Lastminute with Martha Lane Fox in 1998, will retain an advisory role as chairman although this will be part time.
Lastminute, symbolic of the dotcom boom, was bought by US company Sabre Holdings for £577m ($1.07bn) in 2005.
Mr Hoberman said his new role would allow him to look at other projects.
"Since I co-founded Lastminute.com in 1998, I have not seen much daylight and I feel it is time to broaden out a little," he said.
Mr Hoberman has continued to head Lastminute.com - which sells items such as holidays, hotel rooms and theatre tickets over the internet - since its takeover last year.
He made an estimated £26m from the sale of the business to Sabre, which owns the US travel agency Travelocity.
In his new role, Mr Hoberman will advise new chief executive Ian McCaig on strategy, particularly for marketing and technical development.
"Brent Hoberman will continue to make an enormous contribution to the development of the business and the brand as chairman," said Michelle Peluso, Travelocity's president.
Ms Lane Fox left the business in 2003.