
After five years in the role, Sands will leave the newspaper later this year and will remain in post as editor until then.
A new editor will be appointed in "due course", the Evening Standard’s parent ESI Media said in a statement.
Evgeny Lebedev, owner of the Evening Standard, said: "The London Evening Standard has been a huge success under Sarah’s editorship, and she has been a vital part of the team since this company acquired the Standard in 2009. Sarah will leave with our very best wishes for the new role."