Australian Pacific Coal's (ASX:AQC) Managing Director and Chief Executive Officer Ayten Saridas will step down from the board and resign as CEO at the company's annual general meeting on Friday, according to a same-day filing with the Australian bourse.

Saridas decided to resign from her board and executive positions to pursue new opportunities and will support the company during the transition period as the search for a successor begins, the filing said.

Shares fell 13% in afternoon trade Friday.