CLEVELAND -- The Rock and Roll Hall of Fame announced Friday that long-time President and CEO Terry Stewart intends to retire by the end of 2013.

The Board of Trustees has formed a search committee and retained a search firm to find the next CEO.

Stewart, 66, has led the Museum since 1999. He says he will stay on until a successor is in place and be available through December 2013 to help the transition.

"Terry Stewart is an amazing leader, and the rock and roll community - and Northeast Ohio - owes him a big debt of gratitude," said Board Chair William W. Rowley.

During Stewart's tenure the Rock Hall executed a $35 million capital campaign for renovation and establishment of a library and archives. It also gained the opportunity to host the induction ceremony every third year. Stewart also revamped the business model and the Rock Hall and Museum is in its best financial position in its history, according to the Board.

"Nearly 14 years is a long run for any CEO," said Stewart. "We've ended a period where we had to give a lot of focus to the renovation of the Museum, to building the Library and Archives, to the capital campaign that made those efforts possible and to bringing back the Induction Ceremonies on a regular basis. With those items accomplished, we're entering a new period with new priorities, and I think that's the right time to hand off to a new leader."

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