Doric Group has halted its expansion in a move that will see chief executive Peter Iancov step down without being replaced.
The privately owned construction and resources contractor yesterday said a review had concluded its growth strategies should be deferred.
"Peter has decided that it is an appropriate time to move on to new challenges," Doric said. Mr Iancov will leave in October after five years in the job.
"The board has considered these structural changes and the current size of the business, and has no immediate plan to appoint a CEO," Doric said.
Founder and chairman Harry Xydas would take on a more active role and the leaders of Doric's divisions would report to the board.
Doric said it would build upon the strengths of the divisions over the next 12 months and capitalise on core capabilities.Peter Williams