The founder of Budget Travel, Ms Gillian Bowler, and her husband, Mr Harry Sydner, will step down from their positions as executive directors of the tour operator and become joint non-executive chairmen from January.

Ms Bowler (46) said yesterday she had made the decision some time ago so she could pursue other interests "rather than strictly the travel business".

"I will certainly do other things, but in a perfect world, I would like the summer off," said.

From the Isle of Wight, Ms Bowler began working for a British company, Greek Island Holidays, at the age of 16 and moved with it to Ireland in 1973.

She founded Budget in 1975 as a one-person operation, selling direct holidays to the Greek Islands and was joined in the business by her husband in 1982. Together, they received £4.5 million sterling when Granada Group bought 90 per cent of the company in 1987.

The couple received a further £3 million from the sale of Budget to the Thomson Group three years ago, when they relinquished their remaining 10 per cent stake. They also received a fee to remain with the company as joint managing directors, a position they stepped down from last January. Budget Travel is one of the State's largest package holiday companies, with about 45 per cent of the market.

Ms Bowler is a non-executive director of Irish Life & Permanent, Grafton Group, and the More Group. She is also vice-president of the Institute of Directors and a board member of the Irish Cancer Society.

Yesterday she said the decision to step down as executive director had been part of a phased withdrawal from the company which now has 300 employees, 28 Budget Travel shops and a turnover that exceeds £130 million (€165 million). It handles about 300,000 passengers every year.