David Robb is soon to end ten years at the helm of mineral sands major Iluka Resources.
The managing director said he decided that it was time to hand over his position to a successor who could steer the companies next growth phase.
With a replacement yet to be found, the company succession plan will target a transition in the second half of 2016.
Iluka chairman Greg Martin said Managing Director succession planning was a key board responsibility.
“Iluka has been transformed under David’s ten year leadership and is very well placed financially at present with no debt, significant funding capacity and positive cash flows supporting investment and shareholder returns,” he said.
“David’s tenure has also seen major achievements in project execution, mineral sands marketing, workforce diversity and engagement and in corporate sustainability practices.
“The company is now entering another decision-making phase associated with a number of major investments, some of which will be delivered in 2017 and beyond.
“With this in mind, the Board and Managing Director together view that 2016 is an appropriate time for leadership transition, with consideration being given to internal and external candidates.”
Iluka Resources made a full year profit of $53.5 million in 2015, after suffering a $62.5 million loss in 2014.
The company recently announced it would halt mining operations at the Jacinth-Ambrosia mine in South Australia, with a 18 to 24 month shutdown starting on April 16, in order to improve cashflow during subdued market demand.
The closure will result in the loss of 33 local jobs.