A new body, Tourism West Midlands, has been set up by the agency to promote the region, but Mr Moyser said the end of the HETB meant four decades of experience and the opportunity to "really work" with the private sector would be lost.
It reviewed the way in which the region marketed itself as a tourist destination but in December last year decided not to renew its three-year contract with HETB, which resulted in the loss of pounds 1 million in support.
HETB also had to generate double the sum annually through its own commercial activities.
A three-year contract was agreed between HETB and Advantage West Midlands, worth around pounds 1 million a year.
Implicit within the arrangement was the need for HETB to grow its sustainability during the three-year contract period so that if the funding stopped, they would be able to continue.