Diana Puketapu-Lyndon will become the first female chair of New Zealand Cricket (NZC) after incumbent Martin Snedden announced on Wednesday he would be standing down early to allow her a smooth transition into the job.

Puketapu-Lyndon, who is also chair of the New Zealand Olympic Committee and was chief financial officer on two America's Cup campaigns, will step up from her role as deputy chair.

Snedden, who has a year to go as a director on the board, also announced that he would be replaced as New Zealand's representative on the International Cricket Council (ICC) by board member Roger Twose.

The announcements were made at the annual general meeting of the governing body, which reported a surplus of NZ$10.7 million ($6.35 million) at the end of the last financial year.