Starr has resigned after the completion of a two year period of restructuring, refinancing and reorganisation.
Peter Rigg, chairman said: “Rod has made a significant and transforming contribution to the company. He has created an executive team exceptionally well-qualified to continue the company's development.
“Duncan has been responsible for many areas of strength within the company and is a natural successor.”
Eley has been promoted from his position of coo, which he has held since May 2013, and boasts over 18 years of experience in the seismic industry in various senior management roles.
He worked with Schlumberger for 10 years supporting marine seismic operations in Europe, Africa and the Americas. Prior to joining Polarcus in 2009, Eley worked for a global strategy consultancy firm across the energy, transport and natural resources sectors.
Polarcus said that under Starr stewardship, the company has gained market share, significantly reduced operating and overhead costs and created additional liquidity through reduced debt payments and a recent private placement of equity.
Starr will continue to work with the executive management team and Polarcus’ board of directors for a transition period during the second quarter of 2017.