Rod Leonard has stepped down from his position as managing director of engineerig company Lycopodium, with existing board member Peter De Leo stepping into the role.
The leadership changes were announced at Lycopodium’s annual general meeting today.
Mr De Leo has been with the company since 1994 and has served as a director since 2001.
“Rod, when he took up the position in 2010, advised that he saw it as a five-year term and the board has planned for this changeover from the beginning,” the company said in a statement.
“He remained in the role past his target date to complete a strategy put in place during the downturn and to arrive at an appropriate point to handover.”
“His understanding of the business is extensive and he has the confidence and support of the board in undertaking the new role,” it said.
Lycopodium shares closed 0.3 per cent lower to $1.25 each.