The Institute and Faculty of Actuaries (IFoA) has announced its chief executive Stephen Mann has taken the decision to resign with immediate effect after nearly four years in the role.
IFoA president Kalpana Shah paid tribute to Mann's "very substantial commitment and contribution in successfully leading a broad modernisation agenda across the IFoA during his tenure as CEO" - including navigating it through the impact of Covid-19, stabilising its financial position and driving forward its digital offering.
She said the IFoA would now begin the process of finding a new chief executive - adding that its general counsel Ben Kemp would act as interim CEO while this process was underway.
In a statement published on the IFoA's website, Shah said Mann's decision to resign followed an independent investigation last year into a grievance raised by him, upheld in its entirety. The findings of the independent investigation were accepted in full by the IFoA and the organisation issued an apology to Mann, in addition to a committing to a review of the IFoA governance.
She said the circumstances surrounding Mann's decision to leave his role have been compounded by recently publicised events surrounding this year's elections to the IFoA council and the press coverage that followed.
Shah said the IFoA's governance review had been completed and the organisation had agreed "significant changes" to its governance framework in June.
She said that, while these changes are still going through a "process of consideration within the IFoA", the primary aim remains the enhancement and modernisation of its governance structure to ensure it aligns with our organisational needs.
Shah added: "Stephen has been a strong advocate of these changes and we remain committed to strengthening and modernising the organisation. Our objective is to ensure that the IFoA is structurally and culturally fit for a successful future. Stephen felt that this was the right time to go for him personally, recognising the progress made but also the challenges which still lie ahead.
"While we regret Stephen's departure, we respect his decision, recognising the challenges faced during this period. We go forward stronger for his leadership and contribution, want to thank him for all that he has achieved for the organisation and to wish him a happy and successful future. The IFoA remains dedicated to building on the progress made under his leadership and to the continuous enhancement of our professional organisation."