Dunn (pictured) and Humby launched the company 21 years ago out of their own home and built it to prominence through their partnership with Tesco on the development of its Clubcard customer loyalty scheme.

In recent years the business has gone increasingly international, replicating its success at home by setting up joint ventures with retailers Kroger in the US, Metro in Canada, Casino in France and Gruppo Pam in Italy.

Dunn said: “It has taken 21 years but our strategy is now a reality and we feel it is time for us to move on to new challenges. We are excited that we will both remain as non-executive directors and will therefore keep a connection to the business and play a part in guiding the future of this great company.”

Hay takes over as CEO in March next year. He returned to the UK to lead the UK and Ireland business earlier this year after six years heading up the company’s US operation. He is the company’s longest-serving employee and a former client services director.