Vaghela has given the business 12 months’ notice, with the media group set to appoint a successor and carry out a handover period before he departs on 30 June 2023. 

Vaghela said: “Having overseen the PLC's establishment and commenced its transformation, the business is now on a strong financial footing and poised for its next phase of strategic development.”

He joined Fleet Street veteran David Montgomery at his new buy-and-build media venture three years ago, and prior to that spent more than 20 years in senior roles at Reach and Trinity Mirror Group.

Vaghela plans to pursue his other business interests. He is also a director of data, AI and business intelligence firm Merit Group. 

National World noted that there was no change to last month’s trading update and the board “expects performance for the year to be in line with expectations”.

Separately, non-executive director Steve Barber will also resign as a director in September at the end of his three month notice period. 

The board thanked Barber for his service and said the group would now commence the process of recruiting another independent director.

National World’s share price has been on the slide this year, and was trading at 18.52p, not far off the 52-week low of 18p, yesterday (30 June). The 52-week high is 42.28p.