Finance director Martin Griffiths will replace Sir Brian as chief executive, with his role taken over by Ross Paterson, who is currently company secretary.
Sir Brian, who with his family own 25pc of the company, said: "I remain committed to the success of Stagecoach and consider now to be an appropriate time to plan to take a step back from the day-to-day management of the business."
The switch from chief executive to chairman goes against the UK corporate governance code but Stagecoach said it was important to retain the 58-year-old's expertise.
Stagecoach said: "In light of Sir Brian Souter's unique association with the company as its co-founder and the architect of its success and his deep knowledge and understanding of the global ground transportation industry, the board believes that retaining the talent and knowledge of Sir Brian in the role of chairman will be to the benefit of the company and all of its shareholders.
The company said Garry Watts will remain as senior non-executive and also be named deputy chairman with the specific remit of monitoring corporate governance.
A new non-executive will also be appointed to strengthen the board which will comprise the chairman, six non-executives and three others.
Stagecoach also published an interim management statement which includes a 5.7pc decline in revenue at its UK Bus business in London but overall profitability has "remained good" with no significant change to expected group pre-tax profit for the current financial year.
Having lost the West Coast mainline to FirstGroup last week, Stagecoach said it remained in the bidding for other rail franchises.
Stagecoach shares fell 2pc in early trading.
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