He will be succeeded by James Sullivan.

The company says the transition will be effective from February 1 of next year.

While Sullivan will initially take a seat as executive vice president, it is expected he will be elected CFO following the close of Joy’s fiscal 2012 year.

Olsen’s departure brings a long career to a close. He first joined the equipment maker in 1979 as manager of external reporting. Over the past three decades, Olsen also served as vice president of finance at its Joy Mining Machinery arm before becoming CFO of Joy Global in 2008.

Incoming executive Sullivan was chief financial officer at international specialty chemical business, Solutia. His intensive and diverse background served him in that seat, with tasks ranging from operational improvement to strategic acquisitions. He also aided in the recent sale of that firm.

Joy Global president and chief executive officer Mike Sutherlin said the departing Olsen’s strong financial control, attention to detail and extensive understanding of the business had been big contributors to OEM’s growth and success.

“He has earned the respect of his colleagues at Joy Global, of our board of directors, of our customers and of our shareholders,” he said. “We all congratulate Mike on his outstanding career.

Olsen said he decided to retire to spend more time with family.

“I have been provided with tremendous opportunities with the company over my 33-year career and I have enjoyed working with the very best people in the mining equipment industry during that time,” Olsen said.

“Joy Global is in excellent financial position, and is prepared for continued growth and profitability."

The addition of a seasoned CFO such as Sullivan would be positive for the company, Sutherlin said.

“Through his experiences, Jim has demonstrated his drive for performance and has proven his ability to perform under pressure,” he said.

“His capability, experience and style are a good fit with Joy Global, and he will quickly make his presence felt.”