The search for his replacement is under way, with an announcement expected before the end of the year, ISBA said. Hughes said that after stepping down, he intends to take on non-executive roles, as well as helping an existing business to achieve listing on the AIM.
The change comes after former director of advertising and media at ISBA, Bob Wootton, left the organisation in April.
Hughes joined ISBA in 2007 after a career spanning more than 30 years in the FMCG and drinks industries. He began his career in various marketing roles with Unilever, before becoming UK marketing director for Coca-Cola in 1980.
Four years later he joined Guinness, where he spent 13 years, first as worldwide marketing director, then chief executive of Guinness North America and MD of Guinness Great Britain. In 1998 he joined Bulmers – now part of Heineken – as group CEO, and between 2002 and 2007 he left the corporate world to chair a number of digital start-ups.
ISBA president and Britvic CEO Simon Litherland said: "The ISBA council is extremely grateful to Mike for his astute leadership of ISBA over the past decade. He has overseen growth of membership to its highest-ever level, with a significant expansion of benefits flowing to ISBA members.
"He has maintained ISBA’s unique focus on protecting and furthering the interests of advertisers while ensuring that ISBA plays its full part in industry-wide initiatives. We wish him well."
Hughes said he was "immensely proud of the dedicated, professional ISBA team who deliver value day in, day out and particularly the execution of an ambitious growth strategy which has resulted in record membership and expansion of member benefits."