Gareth Penny, Chief Executive Officer of the world’s largest diamond producer De Beers announced he will step down later this year after getting the company “back on its feet” with its biggest jump in half-year sales.

Penny, 48, has headed De Beers for the past five years. “I feel it’s the right time” to leave, Penny told the media. “We’ve come out of a difficult period.”

Penny's successor has not been named at this time. Chief Financial Officer Stuart Brown and Chief Commercial Officer Bruce Cleaver will act as joint-CEOs for the diamond giant while De Beers finds a permanent successor, the company said in a press release.

De Beers, which traces its history back to 1888, is 45%-owned by Anglo American Plc and 40% by the Oppenheimer family. Botswana controls the remaining 15%.