Hydro Tasmania chief executive officer Roy Adair has stepped down from the Australian utility and hydroelectric project operator, the company has announced.
Australian sources report that Adair, who still has a year left on his contract with the state-owned utility, was told he would not be offered a second term and decided to leave early as a result.
"The time was right for a change to take the business through its next phase and to provide long-term stability to the organization," Hydro Tasmania stated in a release.
Still, company officials said Adair was able to accomplish much during his tenure.
"In his three years at the helm of Hydro Tasmania, Roy has led the business to record levels of profit and raised the level of performance such that it is well placed to deal with the many challenges ahead," board chairman David Crean said.
According to Crean, Hydro Tasmania had a profits of more than US$92 million the past two years under Adair and looks to double its revenue this year.
"I wish the business and its entire staff a very successful and prosperous future," Adair said.
The board has named Chief Commercial Officer Stephen Davy as acting CEO until a permanent replacement is selected. Hydro Tasmania the process could take up to two months to complete.