Portman Group chairman Seymour Fortescue will step down on 18 June after four years in the role.

He is leaving to become chairman of the Short-term Lending Compliance Board (SLCB) a new independent body set-up to raise standards in the payday lending industry.

Fortescue said: “It has been a great privilege to be involved with the alcohol industry over the past four years and I have genuine respect for the efforts of alcohol producers to market their products responsibly.

“Alcohol affects national politics, corporate policy and society as a whole and it has been fascinating to play a small part in that debate and to champion effective self-regulation by the industry.”

The appointment of a successor will be announced “in due course”.