Bovard, who started CPI with the acquisition of a nearly bankrupt French book printer, Bussière, 12 years ago, has since seen his acquisition-led growth strategy turn CPI into Europe's largest printer of monochrome books.

Announcing his departure, he explained that he was looking for a "new adventure" after 12 years in charge of CPI.

He said: "The growth of CPI has been a project that has been as fascinating as it was unexpected. I would have never imagined from our beginnings at Bussière that we would build such a formidable group.

"We were able to seize the opportunities that arose and to consolidate the market. Through the acquisitions we made and through our focus on quality, we were able to save and turn around many printing companies that would no longer be in business today if they were not part of CPI."

He added: "Above all, I enjoy developing businesses, particularly through acquisitions. Today I want to start a new adventure, particular in the current economic context where numerous possibilities are available.

"I am pleased with what we accomplished in building up CPI and I am grateful to all of our employees, clients and partners for their support over the past 12 exciting years."

Bovard will be replaced by Pierre-François Catté, managing director since October 2007, who has now been appointed president.

Meanwhile, Patrick Verschelde, a board member since February 2007, has been named chairman of the board.

Bovard said: "Having had the opportunity to work with Patrick Verschelde and Pierre-François Catté for more than a year, I am confident in the new management team at CPI.

"Today, CPI has a unique position in the industry and a rare opportunity to lead the industry's evolution with the arrival of high-performance digital printing technologies."

Catté added: "CPI is a great company. Timothy Bovard succeeded in building a group that is the leader in its sector. Now, my task is to consolidate this achievement, to ensure the company's development over the coming years, and to deliver the great service to our customers that they need and expect.

"CPI is well positioned to grow new markets, to invest in supporting our customers and, particularly through our partnership with Hewlett Packard, to deliver dynamic and profitable new solutions to our publishing clients."

Managing director of CPI UK, Mike Taylor, remains in his present role.