Boart Longyear Limited's
(ASX:BLY) Chief Executive Craig Kipp will be stepping down from the mining services and equipment company.
The surprise exit is effective immediately. Boart's Chairman will step into the role while an external search for a replacement is made.
Boart reaffirmed its guidance issued in August. The company recently boosted its half year net profit by 32 per cent.
In the first half of the 2012 financial year, Boart Longyear generated a net profit of $95.9 million.
