Pacific National is reportedly on the hunt for its next CEO after David Irwin resigned last week.
According to a report in the AFR, Irwin will leave his post as chief executive to spend more time with his family.
He may reportedly stay on in an advisory capacity.
Former Port of Brisbane CEO Russell Smith will take on a larger role on the PN board, according to the report.
Smith came to be part of the PN leadership team through Global Infrastructure Partners’ part-acquisition of the rail operator during the break-up and takeover of Asciano last year.
Irwin has steered PN for roughly eight years.
He was quoted by the AFR as telling staff he was resigning for family reasons.
“After 10 years predominantly working away from my home in regional NSW I have decided the time is right to put my family first,” Irwin was quoted as saying.
Irwin will reportedly stay at PN until a replacement is found.
Smith has been appointed executive chairman with the move.
Global Infrastructure Partners holds a 27% stake in the newly-formed PN business.
The Canada Pension Plan Investment Board has the largest stake, at 33%. Meanwhile 16% of the firm is owned by China’s CIC Capital, while GIC and the British Columbia Investment Management Corporation own 12% stakes each.