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.
Honest financial planners???? Don’t you read the almost daily headlines of advisers being banned…and lets not forget the “independent” advice given by planners of dealer groups who are owned by banks and product providers….i have no issue with accountants entering the FP space, whilst Malley’s intention was right, the model may not have been..yet..
Having signed up a CEO on a contract that outlines a $5million payout, the remainder of the Board needs to resign in disgrace. Outrageous. And Malley MUST decline to accept the money.
That’s almost 3 years annual salary. What a joke.
That’s only about 15,000 Associate’s annual fees !
Medcraft’s championing of Malley whilst denigrating capable & honest financial planners, seems like extremely poor judgement, if not something much worse. Will we see the govt follow suit with a similar announcement in relation to Medcraft?
Medcraft will be gone at the end of the year. Hopefully Kell will be going with him.