In a statement issued yesterday, Sovereign Hill president Mary Akers confirmed Mr Hiscock would maintain his links with the organisation with a part-time role at its pastoral property, Narmbool.

Mr Hiscock has led Sovereign Hill since September 1980, and it has became one of Australia's most recognised tourist institutions, employing 330 people and with capitalisation of $33 million.

''... and that, together with our sound and light show, Blood on the Southern Cross, boosts Ballarat's economy by about $45 million a year,'' Ms Akers said in the statement.

''We shall greatly miss Peter's own creative flair. Through his vision and strong leadership, his contribution to Sovereign Hill has proved exceptional.''

In the statement Mr Hiscock said the things which gave him the greatest satisfaction were not so much the physical expansion, but the intellectual growth of Sovereign Hill _ its commitment to strong historical research and interpretation, its commitment to innovative education programs, its mastery of the technological challenges inherent in productions like Blood on the Southern Cross and the Red Hill Mine, and the way it had recognised and provided for the burgeoning Chinese market.

Mr Hiscock announced his resignation to the Sovereign Hill board about three weeks ago and told staff at the organisation of his plans this week.

Mr Hiscock chose not to make any personal comment about his retirement to The Courier at this time.

Mrs Akers said the position would be advertised nationally.