Pete Russell, a founding member of the Republic Bank Caribbean Premier League (CPL), is stepping down as Chief Executive Officer after 14 years, the Twenty20 cricket tournament announced.

The announcement follows another successful season for CPL, which saw the Antigua & Barbuda Falcons win their first title. Russell will remain in place until a new CEO is appointed and will continue to support the board and leadership team, CPL said.

Under Russell's leadership, the tournament grew from a start-up concept into one of the most highly regarded T20 competitions globally. In the past year, the group has expanded to seven franchise teams and launched a production company, Live and Louder Productions, a linear television channel, Rush Live & Louder, a streaming app and an events business. The board and management said they remained confident in the tournament's continued growth.

CPL Chairman Richard Bevan said: "On behalf of the board and everyone across CPL, I would like to extend my sincere thanks to Pete for his leadership, commitment, and contribution during his tenure as CEO."

Denis O'Brien, owner and founding investor of CPL, said Russell had been "a fantastic leader" who oversaw the tournament's expansion into media and events in recent years. "While we are naturally sad to see him step away from his current role as CEO, we are delighted that the business is poised for future growth and Pete will remain involved as part of the wider group," O'Brien said.

Russell said he was proud of the tournament's growth, adding that its greatest achievement had been bringing fans back to cricket across the Caribbean and giving young West Indian players a platform to pursue their careers on a global stage.

"CPL reignited a passion for the game, fills stadiums with energy and excitement, and creates unforgettable memories for many people throughout the region and around the world," he said, thanking fans, players, franchise owners, sponsors, broadcast partners and regional governments. "It has been the privilege of a lifetime to be part of this journey," he concluded. (CPL T20)