Directors at budget hotel chain Travelodge have ousted Guy Parsons as chief executive officer, with Grant Hearn to return to the position.

Parsons took over from Hearn in 2010, but will now leave the company on April 20th.

Hearn was previously Travelodge chief executive between 2003 and 2010 during which time Keith Hamill was chairman.

As a result of this change, Keith will resume his role as chairman from his current position as deputy chairman.

Grant Hearn said: “During recent discussions regarding our financial restructuring, the board has expressed their wish for me to lead the business once again.

“Clearly, as recently has been said, there cannot be two captains running a ship and as a result Guy has decided to leave the company”.

Travelodge is opening 41 hotels this year and creating over 1,000 new jobs.

The company is the largest hotelier in London and recently opened its 500th hotel at London Stratford, near to the new Olympic stadium.

Parsons said: “This is a good time for me to step down as chief executive of Travelodge.”