Finning International Inc. (TSX:FTT) announced January 8 that CEO Mike Waites plans to retire this year and will stay on until the company finds a replacement.
Waites will not seek re-election at the company's 2013 annual meeting of shareholders, usually held in May.
Heavy equipment dealer Finning is B.C.'s third largest public company with $5.9 billion in 2011 revenue, 28.6% more than the year before.
Waites, who is 59 years old, took the company's reins in May 2008 after having served as CFO since May 2006.
Finning chair Doug Whitehead said the board has retained an executive search firm to find a replacement and is considering qualified internal and external candidates.
Finning announced Waites' intentions after the company's shares closed down 17 cents at $25.52 on the Toronto Stock Exchange on January 8.