Hearing implant maker Cochlear's chief executive, Chris Smith, will retire from his job on January 2, 2018, to be replaced by chief operating officer, Dig Howitt.
Mr Howitt will replace Mr Smith as president of the company immediately and will take over as CEO when Mr Smith retires in January after 13 years at Cochlear.
Mr Howitt joined Cochlear in 2000 and has held various roles, including chief operating officer; president, Asia Pacific; and senior vice-president, manufacturing and logistics.
Cochlear chairman Rick Holliday-Smith said Mr Smith will leave the company in a strong position.
"Chris has overseen a period of substantial growth for Cochlear, with the company exceeding a billion dollars in annual sales revenue during his time as CEO," Mr Holliday-Smithsaid in a statement on Monday.
Cochlear has affirmed its earnings guidance for the 2016/17 financial year.
Cochlear expects a net profit between $210 million and $225 million compared to its net profit in the prior year of $189 million.
Shares in Cochlear were $1.17, or 0.8 per cent, lower at $144 at 1029 AEST.
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