David Robb is leaving as CEO of Iluka Resources later this year.
He will remain CEO until a successor is found, probably in the second half of the year. The company is looking internally as well as externally.
Robb joined the mineral sands group in October 2006.
Chairman Greg Martin says Iluka has been transformed under Robb’s ten year leadership with no debt, significant funding capacity and positive cash flow supporting investment and shareholder returns.
“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,” Martin says.
“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”.
The company has been increasing production, cutting costs and reducing debt in a lower commodity price market. For the full year to December, it reported an after tax profit of $53.5 million on a 13% rise in revenue to $819.8 million.
Last month the company announced it was suspending zircon mining and processing at its Jacinth-Ambrosia operation in the Eucla Basin, South Australia, and laying off 33 staff.
Prices for zircon, used in the production of ceramics, sanitary ware and tableware, have been falling with other commodities.
Iluka is paying a fully franked 19 cents a share final dividend on April 1.