The board of CPA Australia has sacked CEO Alex Malley and paid him a generous severance package, just a week after announcing he would stay on in the role.
In a statement released late on Friday night, CPA chairman Jim Dickson announced that Mr Malley would be “finishing his role as chief executive, effective 23 June”.
Mr Dickson also announced that a payment of $4.9 million had been made “in accordance with [the board’s] obligations”.
“On behalf of the board, I wish to thank Alex for the significant contribution he has made over the past seven and a half years,” Mr Dickson said.
“He brought an ambitious vision for our profession and was dedicated to supporting students and young leaders.”
Former CPA Australia chief operating officer Adam Awty has been appointed interim CEO and will keep his current COO remuneration package.
The exit of Mr Malley follows months of tensions within the professional association over controversial governance and policy issues, for which many members held him personally responsible.
The decision to establish an independent financial advice licensee, launched by ASIC chairman Greg Medcraft, was another point of contention within the membership, as many members said it put some of them in competition with their own association.
Leaders in financial services have the opportunity to widen their moats against upstart competitors. ...
The advice industry is currently in a budding phase but will “bloom in the next three to five years”, according to a new white paper. ...
ASIC has banned a Melbourne-based adviser from providing financial services and performing any function in a financial services business for six years...