Chairman and director of listed investment company MMC Contrarian Simon Rowell has resigned, effective from August 31.
Rowell has held the positions since the company listed on the Australian Securities Exchange in 2003.
In a company statement Rowell said it was an appropriate time to make a change.
Results for the 2006/07 financial year, which will be announced at the end of the month, are expected to be greatly improved on last year.
Earnings before tax and amortisation, including unrealised profits, were $21.6 million in 2006 and are expected to increase by 70 per cent to approximately $37 million in 2007.
Rowell also referred to the company's acquisition of MMC Asset Management earlier this year and the establishment of the Contrarian Global Value Fund.
"The company now has a robust strategy to lead it into future success," he said.
Kevin Eley will become chairman when Rowell departs.
The company has a 51 per cent stake in Contrarian Global Asset Management Limited, which manages the Contrarian Global Value Fund.
