Christopher Bell, chief executive of bookmakers Ladbrokes, is to step down as a director of the company. To ensure continuity, he will be staying in the position until the summer and his actual departure date will be confirmed later.

Peter Erskine, chair of Ladbrokes, said: "Chris Bell has made an invaluable contribution to the growth and development of Ladbrokes during his 20 years with the company, nine years as chief executive. "It has been agreed between the board and Chris that this is an appropriate time to seek new leadership for the business and we are currently looking for a new chief executive."

It is understood that Bell will not get a pay-off but receive the remainder of his one-year contract when he leaves. He joined Ladbrokes as marketing director in 1991 after 12 years at Allied Breweries and became head of the business in 2000 when he joined the board of hotels group Hilton, at that point the company's owner.