A LEADING business figure is set to stand down from his post at the end of the year.

Coast to Capital LEP chief executive Ron Crank has announced he is to retire at the end of the year after heading the organisation since its founding four years ago.

The LEP, which oversees Brighton and Hove, Lewes, West Sussex and Gatwick Diamond, manages millions of pounds of public investment in infrastructure and economic growth.The father of five is expected to take up a number of directorships following an extended post-retirement holiday.

The LEP has said the search for Mr Crank’s successor will begin shortly.

Colleagues paid tribute to Mr Crank’s contribution to the local economy over recent years.

LEP chairman Tim Wates said: “Ron has steered us through some very challenging times and I thank him for all his work.

“He was instrumental in the establishment of the LEP and has been a first class chief executive, working tirelessly for our region.”

Former chairman John Peel OBE said: “He leaves a lasting legacy, with Coast to Capital in the best possible position to build on his achievements.

“Personally, I would like to thank Ron for his support, dedication and business acumen which will be missed by me, the board and everyone with whom he came into contact.”

Mr Crank said: “I will look back over the past five years with great fondness and pride, but I believe that now is the right time to hand over responsibility to someone who will take the organisation forward from 2016.”