Mark Todd has resigned as COO and finance director of Kathmandu.

He will step down from the Kathmandu board at the end of the month.

Todd will be replaced by CFO, Reuben Casey.

Todd, who joined the company in 1998, was acting CEO throughout most of FY2015 while the company awaited the start of new CEO, Xavier Simonet.

Kathmandu’s chairman, David Kirk, thanked Todd for his contribution to the success of the company.

“Mark’s role was pivotal in the successful listing of Kathmandu in 2009, and his financial and retail acumen has been hugely valuable to the board over the past 6 years,” Kirk said.

“Prior to Xavier taking up his position, Mark led the business through to a good Q4 winter season trading result, despite an extended period of substantial management team change, in combination with a difficult trading environment.”

Todd’s resignation comes days after the Kathmandu board urged shareholders to vote against a takeover offer from New Zealand retailer, Briscoe Group.

Todd said his decision to resign was made regardless of the outcome of the current takeover offer.

“I had contracted to stay with Kathmandu in my current role until July next year, but now with Xavier on board I feel it is the right time to step aside entirely,” Todd said. “I’m very proud to have contributed to Kathmandu’s growth. The business has grown 20 fold since I joined in 1998.

“I thank my fellow directors and executives for their support in the past year in particular and I’m very confident in the board and our new leadership team’s ability to deliver our FY2016 forecast result”.