Elder has decided to step down immediately as CEO but will remain available to work for the company for a period to assist with the transition.

While the Solid Energy board has started the process to find Elder’s replacement, the CEO’s role will be filled on an interim basis by organisational development and performance group manager Garry Diack.

Elder said the board would be considering many future changes, including significant restructuring, as the company worked its way out of the major global market downturn in 2012.

He said he believed it that it was appropriate and the right time for the future direction of the company to be led by a new CEO.

Solid Energy chairman Mark Ford said that under Elder’s leadership since 2000 the company had grown and developed substantially and achieved many successes.

Elder said his decision was consistent with his belief that the company had a strong future once it worked its way out of the impacts of the market downturn.

NZ mining industry representative group Straterra chairman Mark Cadzow said Elder’s decision to retire could not have been easy.

“Having worked with Don as part of the board of Straterra I am thankful to him for his hard work in our mining and minerals industry, not just as the CEO of Solid Energy but as a forward-thinking champion for the industry,” he said.

“I’m sure we will continue to enjoy that support in the future.

“For now, however, he has made some very difficult decisions to ensure that Solid Energy – a company he is passionate about – continues to thrive as our largest coal miner and we totally respect his stance on this and wish him well.”