He'll also leave the board of directors.

Brendan Bell, CEO of Dominion Diamond Corp., is resigning.

Bell stated in a press release: "Both the Board of Directors and I agreed that this is an appropriate time for me to hand the reins to someone else. The decision to move the corporate offices of Dominion from Yellowknife to Calgary was necessary in order to reduce operating costs and support the long-term strength of the Company, and is one that I continue to support. For personal reasons, however, this is not the right move for my family."

He'll stay on until June 30. That arrangement "allows for a successor to be identified and ensures a seamless transition in management," the company said in the release.

Dominion Diamond (TSX: DDC, NYSE: DDC) has engaged Korn Ferry to conduct the search for a new CEO.

In addition to leaving his executive role, Bell is giving up his seat on the company's board of directors.

Jim Gowans, chairman of the board, said, "The Board will be working closely with Brendan and the senior management team during the transition period, while the Company continues to focus on increasing shareholder value through improved operations, optimizing capital allocation and growth, and other strategic opportunities."

Dominion Diamond is the world’s third-largest producer of rough diamonds by value. The company operates the Ekati Diamond Mine and also owns 40 percent of the Diavik Diamond Mine.

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