Credit Corporation PNG Chief Executive Officer Peter Aitsi will not renew his contract at the completion of its term.
Aitsi has been the CEO of Credit Corp for three years, has announced to the Board he will leave the Group on 31 March 2021.
Under his leadership, Credit Corp delivered significant progress, one being the launch of Credit Corp’s recovery from the economic impacts of the COVID-19 pandemic.
He said he has reached a natural transition point in his career and has decided to move on to new opportunities.
“It’s been a privilege to lead the experienced and talented team at Credit Corporation over the past three years,” he said.
“I’m immensely proud of them and what we have achieved together, and I know they’ll continue to do great work in Papua New Guinea and throughout the Pacific.”
Credit Corp Chairman Syd Yates said Peter has demonstrated leadership during his time at Credit Corp and hands over a strong team with core business operations.
For the time being, Chief Operating Officer Danny Robinson has been appointed as acting CEO until the Board finds a suitable person for the role.
Credit Corporation Chairman Syd Yates said Danny and his experienced senior executive team will work closely with the Board to manage the transition to a new permanent CEO.
“At this time, it is business as usual. Peter is working with Danny and the Board to ensure a smooth transition to new leadership,” added Yates.
The Board will be conducting an extensive search, seeking candidates with strong business experience and an understanding of the Group’s markets throughout the Pacific.