UPDATE 2.25pm: Troy Resources boss Paul Benson has called time on his seven-year reign at the South America-focused gold producer but will work with the board to ensure a smooth transition to his successor.
Mr Benson has overseen the development of two operating gold mines in Brazil and Argentina and last year led the takeover of Azimuth Resources, which added the Karouni project in Guyana to the company's portfolio of assets.
Mr Benson said it was a logical time for him personally and Troy as a company to hand over the reins to someone else.
"I have been in the role for almost seven years and, with our operations in South America. That's an awful lot of time away from home," he said.
"I am looking forward to taking an extended break and spending time with my family.
"From a company perspective, the focus over the next 12 months will be building the Karouni mine and I have no doubt Ken Nilsson and his team will do an outstanding job as he has done with each of Troy's mine developments.
"Changing over now will give the new CEO time to understand the company and then commence the search for the next opportunity."
Troy chairman David Dix thanked Mr Benson for his "outstanding service" since joining the company in October 2007.
"I will work with Paul and the management team during the period until a successor is identified," he said.
"The board has commenced the recruitment process which we anticipate to be completed within two to three months."
Troy shares closed down 5.5 cents, or 5.39 per cent, at 96.5 cents in a broadly weaker market.