Website founder stands aside

Moneysupermarket.com's founder and chief executive Simon Nixon is to step down as the price comparison website struggles.

The new chief executive from February 2009 will be Peter Plumb, managing director of financial services.

Nixon founded moneysupermarket.com in 1999. It floated on the stock market in July 2007 and employs more than 500 people at its headquarters in Flintshire, north Wales.

He said: "I remain totally committed to moneysupermarket.com. It is a fantastic business and I believe that if we continue to focus on meeting the needs of our customers - by helping them to save time and money - then it will only get better in the years ahead. Building a business from scratch requires a different set of skills to running an established business.

"I'm an entrepreneur and my new role as deputy chairman will enable me to focus on what I'm best at - development and innovation. Meanwhile I will be handing my day-to-day management responsibilities over to Peter Plumb and the rest of the executive team. We have a great team of people and between us all, we will work to ensure moneysupermarket.com remains the leading comparison site, committed to providing the best possible service to all our customers.

"As I change roles I'd like to thank all of you, our customers, for your support and your feedback, over the first nine years of moneysupermarket.com."