Michael Hill International chief executive, Mike Parsell, is stepping down after 16 years leading the jewellery company that bears its founder’s name.

Parsell joined the company when it operated just three stores and has stayed with the retailer while it has grown to 300 outlets in Australia, Canada, New Zealand and the US, as well as rolling out its Emma & Roe brand.

Emma Hill, the chair of Michael Hill, said chief financial officer Phil Taylor, another company veteran, will act as CEO until a permanent replacement is found. Taylor, who joined the company in 1987, has been chief financial officer since 2003.

Parsell said it was, “a good time for a change in leadership as the business is performing well and has a stable and experienced leadership team”.

In June, the company outlined a succession plan for the interests of the founding family, with 10 per cent of the company to be transferred to trusts for daughter Emma Hill and son Mark.

In July, the retailer gave guidance for sales and earnings for the year ended June 30, with 8.9 per cent revenue growth and earnings before interest and tax in the range of $NZ46 million to $NZ48 million ($A43.13m-$A45.01m).

Michael Hill shares were unchanged at $NZ1.51 on the NZX, having soared 53 per cent in 2016.

On the ASX, where Michael Hill has its primary listing, its shares were down seven Australian cents, at $1.35, at 1056 AEST.

AAP