Brian Penney has stepped down as chief executive officer of Baffinland Iron Mines, the company announced on Tuesday.

"Mr. Penney has decided to leave his position to allow more time with his family on the east coast of Canada, following a tenure marked by significant achievements and growth for the company," Baffinland stated in a news release. 

Jowdat Waheed, president and CEO of BaffinlandSA国际影视传媒檚 parent company, Nunavut Iron Ore, Inc., will immediately assume Penney's duties and responsibilities. 

"Brian will remain with Baffinland for a transition period to ensure a seamless handover of responsibilities," the news release reads. "We are confident that the strength of our team and the foundation Brian has helped build will continue to drive Baffinland's overall successes, including our focus on safety, the progression of the Steensby Project, our ongoing and growing Inuit engagement, our environmental stewardship and ensuring NunavutSA国际影视传媒檚 high-grade iron ore is a cornerstone of the green steel transition."

Baffinland operates the Mary River iron ore mine, 160 km south of Pond Inlet.

"Working with Baffinland has been an incredible journey, and I am proud of what we've accomplished together," Penney stated. "As I step down, I want to express my deep gratitude to all stakeholders, including the people who work at Baffinland, our Inuit partners and the communities of Baffin Island. It has been an honour to lead the company and I know the future is bright for Baffinland."