George O'Grady has announced that he is to step aside as chief executive of the European Tour.

The 65-year-old, who has been in office since 2005, will remain in his current position until a new successor is appointed.

A statement announced that the Nominations Committee, which is chaired by David Jones, has already begun the search for a new CEO to take over.

Grady, who has been a peripheral figure in public recently, said: "In the aftermath of what I believe to have been the best presented Ryder Cup since my first involvement in the contest at Royal Lytham in 1977, I felt this was the right time to ask the board to begin the search for my successor,"

"I have agreed with the board to stay not only for the time it takes to appoint a new CEO but also for sufficient additional time after that to see them properly settled in. The Board also agreed that, at that stage, I will take up a role as President of International Relations which will see me represent the European Tour through the Olympic Games in 2016."

Chairman of the European Tour, David Williams, added: "On behalf of the board and all of the members of the European Tour I would like to thank George for his contribution to the European Tour and professional golf generally over the last 40 years."

O'Grady became the third chief executive in the Tour's history when he succeeded John Jacobs.