Hearing implants maker Cochlear has promoted the head of its North American operations, Chris Smith, to be its next chief executive.
Mr Smith will become deputy chief executive from July 1 before replacing long standing CEO Chris Roberts on September 1.
The Cochlear board had been discussing succession plans for some time, chairman Rick Holliday-Smith said.
He said Mr Smith has a deep understanding of the company, having more than 10 years of executive experience at the bionic ear maker.
Dr Roberts, chief executive of Cochlear since February 2004, said it was time to hand over the leadership baton.
"It has been a privilege to lead this great global company for over a decade, and to work with so many talented people," he said.
"The company is ideally placed to grow and continue bringing the gift of hearing to many more people around the world."
Mr Holliday-Smith said Dr Roberts leaves Cochlear with the board's best wishes and thanks.
"His commitment to innovation has helped maintain Cochlear as global market leader," he said.
Cochlear's shares gained $1.20, or 1.4 per cent, to $88.66.
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