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The firm said that he planned to step down as finance director and leave with effect from 29 February 2008.

Colin Walsh, chairman, said, “During Nigel’s time at Trafficmaster the company has been transformed from a small, unprofitable business to the much larger successfully integrated and profitable company we have today. I am very grateful to him for his substantial contribution to that development and wish him well in his new career.”

The Department of Transport granted a licence for Trafficmaster in May 1990 to install a pilot traffic detection scheme, which was launched on the M25 and other London area motorways.

Trafficmaster provides fleet and traffic management systems. Its US subsidiary Teletrac offers fleet tracking, management and navigation under the Fleet Director brand across the US, serving 4,000 fleets and a total of 72,000 commercial vehicles.

Trafficmaster has developed a suite of services in the UK, which includes Fleet Director and Smartnav, an intelligent route-finding service that uses satellite navigation and live traffic information to find best routes and guide drivers around congestion.

Data comes from Trafficmaster’s network of 7,500 traffic sensors, covering 8,000 miles including all the UK's motorways and 95 per cent of its trunk roads.

Trafficmaster are also behind Trackstar stolen vehicle tracking, monitored 24 hours a day in its control centre. Stolen vehicles can automatically inform the firm and are then monitored remotely, with police informed of their whereabouts for fast and efficient recovery.

Trafficmaster (LSE:TFC) was founded in 1988 and floated on the London Stock Exchange in 1994.

The company said it had started the search for a new finance director.

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• Trafficmaster plc