Rupert Soames is to step down from his role leading outsourcer Serco.
The chief executive, who is the grandson of Sir Winston Churchill, said "it is now time to outsource myself" after nearly a decade at the business.
The firm will be led by Mark Irwin, a private equity veteran who has been at Serco since 2013.
Mr Soames was considered a steady hand when he took over Serco in 2014.
The news of his appointment sent shares up by 10% at the time. Shares dipped nearly six per cent on the news he is to retire.
"Serco is unrecognisable from the business that he joined in 2014," said chairman John Rishton.
"Under his leadership, the business was stabilised, a clear strategy developed and executed, which has resulted in the strong and successful business it is today.
"Rupert should be really proud of what he has achieved."
Mr Soames said: "It has been the privilege of my working life to lead Serco for the last eight years, but it is now time for me to outsource myself."
Pub giant JD Wetherspoon to slash prices on Thursday
JD Wetherspoon has declared it will cut the price of food and drink by 7.5 per cent on Thursday to highlight the benefit of a permanent reduction in value-added tax for the hospitality sector.
The move comes as hospitality campaigners step up calls for a VAT cut to ease rising cost pressure on the industry, which is being hit by rampant inflation and spiralling costs amid the continuing energy crisis.
Airport-style security checks and travel disruption as Queen lies at rest in Edinburgh
TENS of thousands of people visiting the Queen's coffin in Edinburgh can expect airport-style security checks and travel disruption.
Well-wishers will be able to file past the coffin from 5.30pm on Monday, September 12 until 3pm on Tuesday, September 13.
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