UPDATE 1.55pm: Former Rio Tinto executive Dale Harris will replace Tim Netscher as Gindalbie Metals' managing director.
Gindalbie said the appointment was part of the company's previously announced succession plan.
Mr Netscher will stay on as a non-executive director and consultant to the broader resources industry.
Mr Harris was previously chief operating office of Rio Tinto iron ore.
As general manager of Rio's Integrated Planning and Operations Centre, Mr Harris led the implementation of the company's state-of-the-art Perth Operations Centre.
Gindalbie chairman Keith Jones said the company was delighted to announce the appointment of a highly credentialed and experienced senior Australian iron ore executive to succeed Mr Netscher following the expiry of his contract in June this year.
"We commenced succession planning earlier this year after Tim agreed to extend his contract until the end of 2013 to ensure stability of management during the ramp-up of the Karara Project," he said.
Mr Netscher stepped into the role of managing director from a non-executive position on the board in May 2011 and has overseen the commissioning and ramp-up of the Karara project during a difficult period.
"Tim has had to contend with a number of challenges and setbacks, and he has done so with characteristic calm, clear vision and complete openness and transparency at all times," Mr Jones said.
He said Harris' credentials, experience and achievements in the iron ore sector spoke for themselves, including a distinguished career at Rio which saw him play a key role in the major expansion of Rio's iron ore business in WA.
Mr Harris will formally start in the job on November 1 with a handover beginning today.
"We are very much looking forward to Dale's enthusiasm and energy to lead Gindalbie into its next phase of development," Mr Jones said.
Gindalbie is in a joint venture with China's Ansteel over the Karara magnetite project and is targeting full capacity from the project after encountering problems in the ramp-up phase.
Gindalbie shares closed up half a cent, or 4.17 per cent, at 12.5 cents.