Company chairman Michael Grainger said Mr Griplas had advised the TT-Line board this week that he had accepted a role as chief executive officer and managing director with an organisation in Victoria.

He will leave the company on July 1.

Mr Griplas was appointed to the role six-and-a-half years ago.

Mr Grainger said Mr Griplas had done an excellent job managing the company through a period of great challenge for the tourism and transport sectors.

“His contribution will be missed, but the board understands the decision and wishes him well as he takes on this other opportunity,” Mr Grainger said.

An interim chief executive officer will be appointed and a recruitment process to identify a permanent replacement will commence as soon as practical, Mr Grainger said.