Carter will continue to lead on all operational and financial matters until that date, but from August 1 will not be party to Ofcom's economic, competition and policy decisions.
Under the terms of Carter's contract, he is not be permitted to seek employment until such time as he leaves Ofcom, and will may be required to send time on garden leave before taking up any new position. It is understood that Carter's exit is sparked by a desire to return to commercial advertising.
Carter said: "There is never a good time to leave a great job. However, Ofcom is now firmly established, broadband and digital competition are delivering real results."
David Currie, Ofcom chairman, said: "Stephen took on an immensely challenging task -- and has performed outstandingly. His legacy is an effective and credible organisation which plays an important role in delivering greater choice, lower prices and greater innovation."
Prior to joining Ofcom, Carter worked for NTL, where he joined from J Walter Thompson, where he was for most of the Nineties.
Carter, 42, is one of the youngest chief executives in the regulatory industry. He is also chairman of the Marketing Group of Great Britain and vice-president of Unicef UK.
Although it is unclear who is likely to replace Carter, Ed Richards, Ofcom's second-in-command, is understood to have recently undergone the prerequisite Harvard management course, making him a frontrunner for the position.
In March, Carter announced alternative proposals for the advertising of junk food to children, based on restricting content, timing, sponsorship and volume.
The measures came after a 12-week consultation on the regulation of TV ads for foods and drinks with high levels of fat, salt and sugar. Carter has been a strong proponent for increased regulation for food and drinks targeted towards children. Earlier this week, a group fronted by the British Heart Foundation threatened to take the regulator to a "judicial review" process over the results of the consultation.
An exact date for Carter's departure is not yet known.
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