Chris Durack, CEO of the A$38 billion (US$40.3 billion) NSW State Super, Wollongong, Australia, will leave the fund in October.
Don Russell, the chairman who was recently appointed to head the Australian government’s Department of Innovation, Industry, Science and Research, will also leave the fund to undertake his new role.
Mr. Russell said the board had begun its search for a new CEO, but that Mr. Durack would stay until October to finish a reform program he had been appointed to roll out.
“I will stay on at (NSW) State Super on an interim basis to manage the transition, which will also involve managing the search for a new CEO, because Chris Durack has agreed to stay on until October,” Mr. Russell said. “It is appropriate that I stay on as chairman in the interim, because to lose a chairman and a CEO in close succession would have put an unreasonable burden on the organization.”
Mr. Russell will also oversee the search for a new chairman. He would not say when he would leave NSW State Super.
Sam Riley writes for I&T News, Sydney.