The chairman of the Hawke's Bay Regional Investment Company has stepped down.

The Hawke's Bay Regional Investment Company ltd (HBRIC), is the investment arm of the Hawke's Bay Regional Council, who have been the drivers behind the contraversial Ruataniwha Water Storage Scheme.

Today HBRIC announced it was with sincere regret the Board of Directors of HBRIC had accepted the resignation of Chairman Dr Andy Pearce.

In a statement, they said Dr Pearce had chaired the Company since its formation in 2012 and had been a driving force behind its strategy to grow the Hawke's Bay economy.

"The Board of Directors would like to acknowledge his significant contribution during his tenure."

Hawke's Bay Regional council chairman Rex Graham said he would like to thank Dr Pearce for his contribution while he was in the chair.

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When questioned if he asked Mr Pearce to step down, Mr Graham said "no comment".

Dr Pearce would remain in the chair until December 30.

A spokesperson for HBRIC cheif executive Blair O'Keeffe said no further comments would be made.