A billion-pound investment target has been set for a new chief executive post in the Tees Valley.

Bringing in the money over the next decade is the challenge facing candidates to become head of the area's recently-established Urban Regeneration Company (URC).

The job, which carries a salary of around £100,000 plus benefits, is being advertised. And URC chairman Peter Middleton thinks there will be a lot of interest in a job he says will have 'enormous challenges and opportunities for someone able to help deliver the vision of a world-class environment for the Tees Valley.'

"The post is described as the biggest urban regeneration challenges in the country and I think that's right," he said.

"We certainly face a major task in helping to transform our local economy and make the Tees Valley an attractive place in which to live, visit and invest."

Mr Middleton said a key role of the chief executive will be to act as an ambassador for the area to persuade international investors to put in confidence and resources.

Alistair Arkley, chairman of the Tees Valley Partnership, which will work with the URC, also underlined the need for a new chief executive to build links between different partners.

"We are looking for someone who can see the 'big picture,'" he said.

"This is a job for a major player."