Iluka Resources is hunting for a new boss to replace chief executive David Robb who is stepping down after a decade at the helm of the mineral sands miner.
Mr Robb will stay on until his successor is in place in the second half of 2016.
Chairman Greg Martin said Iluka would consider internal and external candidates to replace Mr Robb, who guided the company back into the black in 2015.
"Iluka has been transformed under David's 10-year leadership and is very well placed financially at present with no debt, significant funding capacity and positive cash flows supporting investment and shareholder returns," Mr Martin said in a statement on Tuesday.
Iluka recently swung back to make a full year profit of $53.5 million in 2015, an improvement from the previous year's $62.5 million loss.
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Mr Martin said the company was now entering another decision-making phase associated with major investments, some of which would be delivered next year.
"With this in mind, the board and managing director together view that 2016 is an appropriate time for leadership transition, with consideration being given to internal and external candidates," Mr Martin said.
Mr Robb has been Iluka's longest serving managing director and has also served as a director of the AFL Melbourne Football Club.
He relinquished a seat on the Wesfarmers board in 2006 to take on the role after working with oil and gas major BP in Australia, the UK, the US and Asia.
