'Enormous contribution'
"Since I co-founded Lastminute.com in 1998, I have not seen much daylight and I feel it is time to broaden out a little," he said.
Mr Hoberman has continued to head Lastminute.com - which sells items such as holidays, hotel rooms and theatre tickets over the internet - since its takeover last year.
He made an estimated £26m from the sale of the business to Sabre, which owns the US travel agency Travelocity.
In his new role, Mr Hoberman will advise new chief executive Ian McCaig on strategy, particularly for marketing and technical development.
"Brent Hoberman will continue to make an enormous contribution to the development of the business and the brand as chairman," said Michelle Peluso, Travelocity's president.
Ms Lane Fox left the business in 2003.