Phil Sullivan has resigned as managing director and chief executive of property firm City Pacific.
Sullivan announced his resignation to the company board yesterday.
"I have been seriously considering this for some months, but the situation facing the company was holding me back," Sullivan said.
"I now believe it is time to stand aside and allow the next generation of management to lead the business forward, and I am pleased to hand over to someone of John's experience and expertise."
Sullivan will be replaced in the role by the firm's current non-executive director John Ellis, who joined the City Pacific board in October this year.
Ellis is a property and development lawyer, who has been a partner at law firm Minter Ellison since 1998.
Earlier this year, City Pacific was hit hard by low levels of liquidity in the property and finance sectors.
The firm has incurred $161.4 million in impairment losses for the year to June 30.
