Austal chief executive Andrew Bellamy is quitting after five years in charge of the West Australian ship builder.
Non-executive board member David Singleton will shadow Mr Bellamy from the start of February before taking over as chief executive on April 4.
"(Mr Bellamy) has grown the business impressively over (his tenure) with revenue increasing threefold and record profits reported," chairman John Rothwell said.
"Austal is extremely well positioned for further growth in both Australia and the US."
Austal shares ended last week at $1.44, down more than 40 per cent since the company announced in December its FY 2016 earnings from its US shipyard are expected to be lower than in fiscal 2015.
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