The president of the Grand Prix of America has announced that he is to leave his po♐sition at the end of the month.

Tom Cotter took up the role earlierꦕ this year and played a key role in spearheading the plans f💃or the race on the streets of New Jersey.

Cotter, a former president of the Char༺lotte Motor Speedway who now owns his own motorsport marketing firm, will switch his focus back to his own bus🍬iness, with executives Dennis Robinson and Richard Goldschmidt taking on his duties.

"I have full faith in the Grand Prix of America team and look forwa𝔍rd to sitting in the grandstands at a world-class race in 2013," Cotter said in the statement announcing his departure.

Race chairman Leo Hindery Jr thanked Cotter for ꧙the work he carried out during his time in the role.

"We're all thankful for Tom's leadership in bringing Formula On𓆏e to Port Imperial," he said. "During his stewardship we've made great progress and are less than aꦆ year away from the sport's top racers speeding around a street course with New York City in the background.

"We wish our ܫfriend Tom the bes🍬t as he returns home to North Carolina."

The first race in New Jersey is slated to take pl🗹ace in 2013.