The £170m disposal of music group Chrysalis' radio division to Global Radio, a new company backed by Irish investors and chaired by former ITV chief executive, Charles Allen, was completed yesterday.
Riley was expected to stay on, providing continuity under the new owners, but has decided to take some time off after 13 years with the business, before finding a job elsewhere.
Riley said: "Whilst I was offered the opportunity to join Global Radio, following much deliberation I've decided after 13 years with the Chrysalis Radio business to take a short break and then look at a number of new opportunities."
Ashley Tabor, chief executive of Global Radio, said the company understood his decision.
He said: "Phil has done a fantastic job building the teams at Heart, Galaxy and LBC, as well as the value in the brands, and we had hoped to find an appropriate role for him at Global. We wish him well."
Global Radio is expected to expand through the acquisition of further radio businesses, and has been tipped to make a play for GCap Media.
Richard Huntingford, chief executive of Chrysalis Group, said: "Phil has made an immense contribution to Chrysalis and should be hugely proud of what he has achieved with Chrysalis Radio."
Riley joined Chryalis in 1994 after helping to turn around Radio Aire, and went on to launch its Heart stations in London and the West Midlands. He became chief executive of Chrysalis Radio in 1999.
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