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Communitech’s CEO Iain Klugman announced on Thursday that he will be stepping down. (Courtesy/Communitech)

The hunt for a new leader is in the works, after Communitech’s CEO announced on Thursday that he will be stepping down.

After more than 15 years on the job, Iain Klugman said the timing is right for him to make his exit.

“The time feels right to hand the reins to a new leader who can take us to the next level, and for me to move on to my next adventure,” Klugman said in a news release.

Klugman will continue as CEO until 2021, when his current term ends.

The innovation hub has grown to support over 1,400 technology companies in Waterloo Region under Klugman’s leadership.

“I am immensely proud of the growth and success of Waterloo Region’s technology community and of the role Communitech has played in that,” said Klugman.

The board of directors at Communitech is expected to launch a search for his successor early next year.