Stelios Haji-Ioannou is to resign as chairman of easyJet to pursue new ventures as the head of the easyGroup.

The founder of the low-cost airline, which he has built up over the last seven years, says he will resign at the next AGM in 2003 to be succeeded by Sir Colin Chandler.

With other ventures including car rental, Internet café Haji-Ioannou said his skills lie starting new ventures: 'I am a serial entrepreneur. The history of the City is littered with entrepreneurs who hold onto their creations for too long.'

Haji-Ioannou intends to retain his shares in the business for a long time, but may disposal of them to fund new ventures: 'I need to sell my past to finance my future.'