Mark O’Connor stepped down after five years in the role due to a change in personal circumstances, a statement said.
Invest South is a Southland-based private equity fund dedicated to investing in businesses connected to the South.
Mr Smith, the managing director of H&J Smith and a director of Mitre 10, has been a member of the Invest South board for three years.
He has a commerce degree from the University of Otago and began his career with Aoraki Corporation.
He joined the family business, H&J Smith, in 1995, and became managing director in 2013.
Mr O’Connor said it had been a privilege to provide governance input to an organisation that was focused on building a strong and successful future for the region.
Pioneer Energy chief executive Fraser Jonker has been appointed to the board.
He is also managing director of Ecogas Ltd and has extensive business and governance experience in the energy and renewable energy sectors.
