Max Steinberg, chief executive of Regenerate Pennine Lancashire, is leaving his post on Friday.
Regenerate Pennine Lancashire has started recruiting to replace Steinberg but told Place it will take "three to four months to fill the position" and the length of time could be "subject to the person serving a period of notice" in their current role.
The economic development company could not say where it is recruiting from but said it is advertising the position within the Sunday Times, amongst other publications, and the new person "could be someone from anywhere".
In the meantime, Regenerate Pennine Lancashire said there are "caretaking arrangements" being made for someone to stand in during the recruiting process but didn't have the full details of who it would be, although it said someone from Hyndburn Council might be considered.
Steinberg is starting his new role as chief executive of Liverpool Vision next Monday when he replaces Jim Gill, who is retiring.
Vision, the economic development agency for the city, said Gill will leave after a two-week "transitional period" before handing over the reins to Steinberg.
Steinberg became chief executive of Elevate East Lancashire, a housing market renewal pathfinder, in 2003. In January this year, Elevate evolved into an economic development company, with focus on commercial property projects as well as housing market renewal, which increased staff from just over 20 to around 70 employees.
Regenerate Pennine Lancashire was formed by the seven Pennine Lancashire local authorities including Blackburn with Darwen, Hyndburn, RibbleValley, Burnley, Pendle and Rossendale, and Lancashire County Council.
As well as aiming to improve the economic and development aspects for those living and working in Pennine Lancashire, the organisation intends to attract others to the area.
Regenerate Pennine Lancashire receives funding from the Government's Housing Market Renewal and Local Enterprise Growth Initiative funds, which is supplemented by contributions from local authorities, regional agencies and other public funding.
The company said substantial expenditure is planned for this year and 2011 and has a number of targets to achieve within its business plan.
As well as managing the company, Pennine Lancashire said the role of the chief executive is to deliver the business plan and help assist the board and Governing body in achieving its vision.