The Interactive Advertising Bureau (IAB) announced that CEO Greg Stuart will leave the association at the end of 2006 to pursue new opportunities.

"Greg has been a tremendous leader of the IAB and has done a fantastic job on behalf of the entire interactive industry. While we are disappointed to see Greg leave, we support him in his decision and wish him great success in his future endeavors. In the meantime, the IAB Board has full confidence in the great team that Greg has assembled at the IAB and the work they do," says Jim Spanfeller, chairman, the IAB Board.

The IAB Board says when Stuart ends his tenure at the IAB they will then commence an executive level search for a new CEO.

"The IAB is now stronger than ever and the industry as a whole is well positioned for even greater growth. Revenues have increased to an expected $16 Billion in 2006 with a 38 percent increase year over year last quarter alone. Research has proved the efficacy of online advertising, and the IAB has released a number of critical standards and guidelines further cementing the future of the business," says Sheryl Draizen, SVP and general manager, IAB.

"I love the IAB and loved the opportunity to build a brand new medium but it's time for me to return to the private sector," Stuart told iMedia.