New boss for Holden

Holden chairman and managing director Dave Buttner has stood down from his position, effective immediately.

Kristian Aquilina will now head the iconic Australian brand.

Holden confirmed the shock news of Buttner's departure in an email to the media on Monday, citing "personal reasons" for his exit after 16 months at the helm.

The news comes as official sales figures due to be released on Wednesday are expected to show Holden outside of Australia's top 10 marques.

"The leader of GM Holden’s commercial operations, Kristian Aquilina, is appointed Interim Chairman and Managing Director, GM Holden, succeeding Dave Buttner, who is leaving the company for personal reasons," the statement from Holden reads.

Buttner famously came out of retirement in 2018 to lead Holden through a massive turnaround project, following its shutdown of Australian car-making in 2017.

At the beginning of his tenure at the Lion brand, the former head of Toyota Australia gave himself 60 days to formulate a plan to steer Holden back towards its former glory.

However, sales for Holden have continued on a downward trajectory so far this year, a 26.6 per cent decline year-to-date and five lowest monthly sales results in 71 years of business in Australia.

Aqualina has held senior roles within Holden for more than 20 years, most recently as the company's marketing director.