David Soskin is stepping down as chief executive of Cheapflights to become vice-chairman. He will be replaced as chief executive by managing director Chris Cuddy.

Soskin, who was one of a management team funded by private investors who bought Cheapflights in 2000 from its founder John Hatt, will remain on the board.

One of his key roles will be to safeguard the interests of the original investors while Cheapflights considers money raising options, including a stock market flotation.

A company spokesman said Soskin decided to step down because the growth of Cheapflights meant it now needed a different style of management.

He said Cheapflights was “in no rush” to raise money because it had cash in the bank to use for growth. But the original investors wanted to realise their investment when the time was right, so the company was looking at three options of a flotation, a sale or a refinancing.

Soskin said: "As an entrepreneur with experience in successfully building early stage businesses, I recognise that Cheapflights has now grown into not only an international business, but also one of a size that requires a different style of management.

“When bringing Chris on board, it was clear that his technology background, his experience with major US dot.coms and leadership abilities would be of enormous benefit to the company.

“I am confidently turning over my role - and Cheapflights - into the safest of hands as the company enters a new era."  

Cuddy said: "The Cheapflights Group now has in place experienced management teams both here and in North America whose technology, internet media and travel industry expertise are second to none. 

“Furthermore, with the recent appointment of John Clare as non-executive chairman, and with the continued contribution of David Soskin as vice-chairman, we have an exceptional board."

"Over the past eight years, David has built an international company with outstanding technology and a robust financial platform from which to embark on its next phase of growth.  I am very excited at the prospect of building on his work and creating an expanded and pre-eminent international internet media brand." 

Non-executive chairman John Clare added: "David's achievement has been considerable.  Not only has Cheapflights grown to become a leading online media company here and in North America, it has grown impressively in both its traffic and profitability. It has also kept at the forefront of product innovation for its users and its advertisers. "