Sydney Airport boss Kerrie Mather is leaving after 15 years with Australia's biggest airport as the clock ticks on a decision on whether it will develop Sydney's long-awaited Badgerys Creek airport.
Ms Mather - who has been on the company's board since 2002 and chief executive since 2011 - says it is the "right time" to transition to new leadership.
She will stay on until a successor is appointed.
"I'm very proud of the work we've done in partnership with industry, governments and the community, to grow aviation connectivity and choice, domestically and internationally.
"Sydney Airport is very well positioned for the future," Ms Mather said on Wednesday in a statement.
The federal government has told Sydney Airport it has until May 8 to execute its right of first refusal on whether it will develop and operate Sydney's second airport.
The airport at Badgerys Creek, about 60km from Sydney's CBD, is expected to open in the mid-2020s with a single 3.7km runway, initially serving up to five million passengers a year.
Sydney Airport made no mention of Badgerys Creek in its statement announcing Ms Mather's retirement and a spokeswoman declined to comment on Wednesday.
Chairman Trevor Gerber said Ms Mather has made a "tremendous contribution" to Sydney Airport, which had developed strong relationships across the aviation industry, governments and communities.
"Sydney Airport is in a strong position, and well placed for future growth as Australia's premier international gateway," Mr Gerber said.
In February, Sydney Airport booked a 13.4 per cent jump in annual net profit to $320.9 million, thanks to strong passenger growth.
International passenger traffic was particularly strong, with double digit growth in many of the company's major markets such as China, the US, India, Korea and Japan.
Prior to joining Sydney Airport, Ms Mather was CEO of the largest global airport investment fund, Macquarie Airports, from 2002 until 2011.
Macquarie Airports was part of a consortium that bought Sydney Airport from the Federal Government for $5.40 billion in 2002.
An international recruitment firm has been appointed to undertake a global search for Ms Mather's replacement.
At 1047 AEDT, Sydney Airport shares were up seven cents, or one per cent, at $6.71 in a higher Australian share market.
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