Telecity Group CEO Michael Tobin has quit after more than a decade at the helm of data centre operator.

He will leave Telecity on 31 October, receiving a termination payment of £753,000 in lieu of his 12 month notice period, the company said in a statement.

Tobin joined Telecity in 2003 from co-location provider Redbus, before leading a merger between the two firms in 2006, and the company's subsequent IPO.

Tobin, who will remain a significant shareholder, said: "The Board and I agree that with the business in excellent health now is the time for me to move on to explore other important opportunities and to make way for a new CEO to take the Company to the next stage of its development."

The FTSE 250 company generated revenues of £325.6 million during 2013, with customers including Transport for London, Fender, Walkers, Spotify and Atos.

Telecity will now search for a successor, with company chairman John Hughes assuming CEO responsibilities in the interim.

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