It is understood Jennings is returning to her native New Zealand for a career break and will return to the UK in March 2008 to pursue new opportunities in the advertising and media industry.
An O2 spokeswoman confirmed the departure and said it was in the process of beginning the search for a replacement. Jennings could not be reached at the time of writing.
Jennings was appointed to her current position in late 2006, following a number of roles across the O2 group and O2 UK. As head of sponsorship, Jennings was also responsible for the O2 Wireless festival.
She started her career on the advertising agency side of the business, with roles at DDB London as well as several digital agencies.
In 2001, Jennings moved client side to launch a start-up backed by BT Cellnet called Genie. Genie was later rebranded as O2.co.uk.
Jennings later became group campaign manager and oversaw the rebrand of BT Cellnet as O2. She then became head of brand experience at O2 UK brand and marcoms, a role in which she launched the first text vote on Channel 4's 'Big Brother'.