Takeover target Arrium is looking for a new chief executive, after the company confirmed that incumbent Geoff Plummer would depart at some time in the next 13 months.
Arrium shares fell by close to a cent shortly after the announcement of the news, but are still half a cent higher than Friday's close of 72 cents.
Mr Plummer has held the position for close to nine years, and the news was delivered in a statement by chairman Peter Smedley ahead of the company's annual general meeting this afternoon.
Mr Smedley said he and Mr Plummer had been discussing the future of the CEO role for some time, and Mr Plummer had agreed to stay on until December 31, 2013 to give Arrium time to find a replacement.
The December 2013 time frame should allow Mr Plummer to remain in place at Arrium until the current iron ore expansion is in place.
The company's is expected to complete its current phase of expansion by August 2013.
The announcement continues a busy period for the iron ore and steel producer, after it received multiple takeover approaches from a foreign consortium in October.
Arrium rejected those advances on the belief that the offer price - originally 75 cents then upgraded to 88 cents per share - was lowball.
Most analysts agreed, valuing Arrium well above $1.
Arrium joins BHP Billiton, Xstrata and several other miners in considering a leadership change in the near future.