Organizers of New Jersey's much anticipated Grand Prix of America have announced the resignation of one of their key members.

In a statement issued tonight, it was announced that Tom Cotter (right), who was only appointed to the role of President in mid-January, is to quit his role at the end of the month after which he will concentrate on his motorsports promotion company and other endeavours.

Between 1989 and 2001, Cotter built The Cotter Group, one of the most successful motorsports marketing communications agencies in the world, with a client list that included NASCAR, Mercedes-Benz, Ford, Dodge, Lowe's, McDonald's, General Foods, UPS and FedEx. The company was subsequently sold to Clear Channel Communications in 2001. Prior to having his own firm, Cotter served as director of public relations at Charlotte Motor Speedway from 1985 to 1989.

"I have full faith in the Grand Prix of America team and look forward to sitting in the grandstands at a world-class race in 2013," said Cotter in tonight's statement.

"We're all thankful for Tom's leadership in bringing Formula One to Port Imperial," added Leo Hindery Jr., the driving force behind the New Jersey event. "During his stewardship we've made great progress and are less than a year away from the sport's top racers speeding around a street course with New York City in the background. We wish our friend Tom the best as he returns home to North Carolina."

It's understood that Dennis Robinson, former president of the New Jersey Sports and Exposition Authority, and who was named chief operations officer of the Grand Prix in December, and Richard Goldschmidt, special assistant to Mr. Hindery, will share Cotter's role.