Downer boss Grant Fenn is stepping down, to be replaced by chief operating officer Peter Tompkins.
The departure of Mr Fenn was flagged by DataRoom on October 9.
The company said in a statement that Mr Fenn would retire from Downer in February.
It comes after he has spent 12.5 years running the company.
Mr Tompkins joined Downer in 2008 and was appointed group general counsel in 2011 before being appointed as the project director for the Royal Adelaide Hospital Public Private Partnership and in 2018 was appointed as the chief executive of Spotless Group.
He was appointed as the COO in 2021.
It comes as a number of recent high profit departures of CEOs, particularly in the real estate space, with Mirvac boss Susan Lloyd-Hurwitz and Vicinity Centres CEO Grant Kelley also leaving.
Bank of Queensland CEO George Frazis also departed this week with Patrick Allaway to become executive chairman.
CoStar boss had eyes on Domain on Australian trip
CoStar founder and president Andrew Florance is understood to have been in Australia late in 2024 as part of his quest to gain control of Domain Group, sources say.
Origin, Goodman ponder demergers, spin-offs
Two listed powerhouses, Origin Energy and Goodman Group, could both have their sights on major demergers or spin-offs of units in the coming years.