Pub operator Punch Taverns has confirmed that chief executive Giles Thorley is set to leave the company after more than seven years in the role.

Thorley joined the group's board of directors in December 2001 before being appointed as chief executive in January 2003, but has now informed other directors of his intention to step down. Punch Taverns, which is one of many pub groups to have been adversely affected by the recession, has confirmed it has started a search to find a new chief executive to succeed Thorley.

Thorley said: "We have made good progress in reshaping our business and balance sheet, stabilised our operating performance and have taken the right actions to position Punch to achieve long term sustainable success.