LeasePlan’s chief financial officer and Europe chief operating officer stepped down from the board on Wednesday by mutual agreement.

Gijsbert de Zoeten, previously senior vice president for finance and chief financial officer since last year, is leaving along with chief operating officer for Europe, Marco van Kalleveen.

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A spokesperson for LeasePlan said the company will now start the search for a new finance head, with no current preference for an internal promotion or an external hire. Van Kalleveen’s positions, meanwhile, will be eliminated and its responsibilities taken over by chief executive officer Tex Gunning.

Both executives had joined the Dutch company in 2016. De Zoeten had been chief financial officer for Anglo-Dutch conglomerate Unilever since 2010, and currently sits on the board of Technical University of Delft. Van Kalleveen came in from from the board of delivery company TNT, where he had been for almost three years. He was previously in charge of the group portfolio of Boston’s Bain Capital, as well as a partner at consultancies McKinsey and Bain & Company.

LeasePlan chairman Jos Streppel said: “On behalf of the supervisory board, I would like to thank Gijsbert and Marco for their significant contributions to LeasePlan. They have played a key role in the company’s transformation, bringing LeasePlan to its next phase of development. We wish them every success in their future endeavours.”

LeasePlan was set to make a stock exchange debut on the Euronext exchange in Brussels and Amsterdam this year, but abruptly cancelled its IPO plans in October, due to current “market conditions”.

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55-year-old LeasePlan last switched hands in 2016, when a private equity consortium bought it from the Volkswagen group and German investors for €3.7bn. The intended IPO had already been pushed back a first time this year, with chief executive Gunning saying in April that the company was taking the time to make a good case for investors.