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Danny Meadows-Klue has quit as publisher of the Electronic Telegraph and director at Hollinger New Media.

"I've decided to take the plunge and move out into the adventurous dotcom world," he told Revolution. Meadows-Klue has helped run the Telegraph's network of web sites since January 1996.

He revealed that he would be working in a "web-centric business" and that he has a "wholehearted intention" to stay in consumer media.

"Media companies have to be a lot more bullish about the new market. There has been chronic under-investment," he said. "We've managed to achieve what we have here in spite of the resources, rather than because of them."

He told the board of his decision only last week. However, he remained tight-lipped about the details of his next move.

"Leaving any business that you have helped to build up from its early days is always a difficult call, and this has been an exceptionally tough decision for me. I will greatly miss the teams that I have worked with and helped to build up, but I feel excited, energised and enthused with what lies ahead," he said.

"The dotcom world is moving into a new era," he continued. "It's growing up fast, the stakes have been raised and I'm really looking forward to playing my next hand." No replacement for Meadows-Klue has so far been found.

Meadows-Klue is chairman of the Internet Advertising Bureau, which he helped set up in 1997. On the effect his resignation from Electronic Telegraph would have on his position at the IAB, he said: "It might affect my position on a moral level. But if it wants me to continue for the medium-term, then I'd be delighted to."

His resignation follows the decision of Associated New Media's editor-in-chief Martin Dunn to quit last week.