He has held the role since February 2007 and prior to that was chief executive of Monarch Airlines since July 2002.
Executive chairman, Iain Rawlinson, commented: ‘Peter has been instrumental in guiding the group through a formative period in its long history.
‘Monarch today has balanced exposure to both chartered and scheduled airline operations and a strong travel brand, and a supportive family shareholder base.
‘The group is emerging from the very challenging recent period with a sound business model which offers scope for growth in the years ahead.
‘We would like to thank Peter for his contribution to both Monarch, and to the airline industry. We wish him the best for the future.’
Brown added: ‘I have thoroughly enjoyed my time at Monarch, having spent eight years helping to transform the business into what it is today.
‘I am confident that Monarch has a bright future and I look forward to following the company's progress in the months and years ahead.
‘Having originally approached the board last year about stepping down, the time is now right to move on and I am looking forward to a new challenge.’
Rawlinson will take on senior executive responsibility for the group on an interim basis, supported by its management committee.
The committee comprises the managing directors of the group's principal businesses, namely: Tim Jeans (Monarch Airlines); Alan Murray (First Aviation); Richard Mintern (Monarch Aircraft Engineering); Stuart Jackson (Cosmos Mainstream Products and Somewhere2stay); and Alan MacLean (Cosmos Tourama and Specialist Products).
The board has started the process for selecting Brown’s successor.
Luton-based Monarch Travel Group, founded in 1967, is owned by the Mantegazza family.
See also:
Polls show tourists warming to wintersun (18/12/2009)
Travel Buddy adds Monarch (15/12/2009)
Monarch sees traditional two-week breaks decline (14/10/2009)
Monarch claims Manchester crown (20/08/2009)
Spain is king for Monarch (04/08/2009)