The surprise move comes after Mr Woodruff presided over significant growth at the airport during the past seven and a half years.

Mr Woodruff said in statement released this morning that he believed it was an appropriate time to hand over to a new chief executive.

“It has been a privilege leading this company through a period of incredible growth and investment,” he said.

“In the next 12 months, we will see the completion of our new domestic terminal campus and supporting road infrastructure. This will be a significant milestone in our transformation journey.

“In the coming years, APAC will plan and deliver on its customer experience vision, a large expansion of the international terminal, a new forecourt and, of course, continue planning for a new runway.’’

Australia Pacific Airports Corp chairman David Crawford said APAC has delivered growth rates well above the industry average “contributing to strong economic returns for shareholders and the Victorian and national economies”.

“The board respects Chris’s decision to hand over to a new CEO to drive this next exciting phase of growth and appreciates his commitment to oversee the transition to new leadership,” Mr Crawford said.

Mr Woodruff said he was proud of APAC’s achievements over the last seven and a half years.

“I look forward to continuing to lead this great company while working with the board in their selection process and as they transition to a new CEO,” Mr Woodruff said.