The resignation comes in the wake of numerous changes at F&P, purchased by Chinese giant Haier, last year.
A company statement announcing the change released today, did not give reason for his departure, but sources say it was 'time for a change.'
Earlier this year, F&P announced a major restructure to its Australian operating including Sales, Channel and Logistics, to "improve efficiencies."
Russell led Fisher & Paykel's repositioning strategy with campaigns including the YUM Kitchen at the national Good Food & Wine Shows and Musion holographic theatre.
His "highly innovative marketing and strategic approach allowed Fisher & Paykel to box well above its weight," the white goods giant said.
Russell says he "thoroughly enjoyed my time at Fisher & Paykel Australia and will be leaving behind a very creative and capable team. "
The Kiwi said he'll be "joining the professional world surfing circuit or responding to my call up for the All Blacks; not sure which, perhaps both," when asked about his next move.
Fisher and Paykel are said to be still working on the replacement but will make an announcement shortly.