Patrick Davies has stepped down as Ebos Group chief executive and will be replaced by chief financial officer John Cullity in March next year.

Davies has decided to step back from his current role and will continue in a contract role within the Group to assist with new and emerging opportunities.

Davies became CEO in July 2014, having held the top job for six years at Symbion, the pharmaceutical wholesaler and distributor in Australia that Ebos acquired in 2013 for $1.1 billion cash and scrip.

The deal transformed the company and saw profit almost triple in 2014.

Cullity was also previously CFO of Symbion.

Symbion’s owner Zuellig Group gained a 40 per cent stake in the combined business as a result.

Cullity also joined Ebos in July 2014 after roles at Sigma Pharmaceuticals in Australia and Coca-Cola Co in the US.

“As a team, we have successfully worked to deliver on a planned strategy of diversifying the business through acquisitions and market expansion,” said Cullity.

Ebos shares last traded at $18.34 and have gained 9.8 per cent this year.