Mitre 10 New Zealand chief executive Neil Cowie is to step down after five years at helm, according to a report by NZ Herald.

Cowie led the business through a period of growth, but notes that he wishes to take a break and spend some time with his family before considering the next step.

“These past five years have undoubtedly been the most enjoyable and satisfying of my retail career to date,” Cowie said.

“Very few leaders get the opportunity to preside over more than $600 million of growth during their tenure. I am particularly proud of the unique culture we have created at Mitre 10 which I believe has helped to create sustainable value to our member shareholders, as well as a great place for people to come and work each day.”

Chief financial officer Matthew Washington has been appointed acting chief executive while the board begins an international search for Cowie’s replacement.

According to chairman Martin Dippie, the two will work together to ensure a seamless handover, and the business will continue to trade on a business-as-usual basis until a successor is appointed.