Leading software firm NewLease has announced that co-founder and managing director Doug Tutus has sadly passed away.

While in Canada late last week to make investor presentations as part of NewLease’s upcoming public listing, Tutus unexpectedly and tragically passed away.

"It is with great sadness and sorrow that the staff and board of NewLease announce the loss of their leader, friend and co-founder Doug Tutus," an official company statement read."Doug was as an entrepreneur, a charismatic leader of people, a visionary, and a great friend. He had the vision to see opportunities and act on them fearlessly and without hesitation. He was also a great teacher, leading by example and uniting his contemporaries.

"Perhaps Doug’s greatest gift is that he has enabled those that worked with him to build their own vision and draw on their individual strengths to be the best they can be. He had great faith in people and saw their potential to succeed even when they could not see it in themselves."

While the dedicated staff and board of NewLease will greatly miss Tutus and all that he brought to the business on a daily basis, the company insists it remains focused on honouring his legacy by continuing to build the NewLease business and delivering the excellent service for which NewLease is recognised.

Dawn Edmonds, current COO and co-founder of NewLease will act as interim CEO and the current management team will remain in place supported by members of the board including Laurie Sellers.

"Our deepest of sympathies and thoughts are with Doug’s family during this heartbreaking time and we would like to express our sincerest gratitude for all the heart felt wishes, kind words and messages we have already received," the company statement added.

"Your support and kindness is greatly appreciated during this difficult time."

As Tutus was overseas when he passed away, a date is yet to be set for the service.