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Taylor, 49, has been group finance director since his appointment in 2003 and has been acting CEO since the departure of Bill Dye at the end of January 2008.

He will continue in his role as group finance director until a successor is appointed. ITE said that Taylor's appointment followed a full search process.

“After assessing all the potential candidates, the board concluded that an internal promotion provided the necessary combination of international expertise, continuity and drive to execute the group's strategy,” the firm said in a statement.

Taylor has extensive experience in the exhibition industry. Prior to joining ITE, he spent seven years at Earls Court Olympia Group, where he was finance director and subsequently managing director of Earls Court & Olympia Halls.

Iain Paterson, chairman of ITE (LSE:ITE), said that the board had undertaken a thorough search process and concluded that Taylor has the necessary experience and qualities to take ITE forward.

“Russell is well known to us and has played an important role in the successful implementation of ITE's strategy in the last five years and I am confident that he will lead the Group to the next stage of its development,” he concluded.

ITE employs over 650 staff worldwide and has a network of 19 offices in 15 countries, organising 150 events annually in 14 countries.

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• ITE Group plc