LANCASHIRE Enterprises has announced major changes to its senior management.
Michael Hynes is retiring as managing director after seven years and David Taylor, former Chief Executive of English Partnerships, is returning as chief executive.
"We are deeply indebted to Michael for the major contribution he has made to the development of the company," said chairman Jim Mason.
"Under his direction the company has established an excellent track record in growth and profits and emerged as one of Europe's leading specialists in economic development."
Martin Crouch, the company's finance director, has also resigned from the board to pursue other interests.
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