Alexander Hutchison stepped down Thursday as CEO of EISS Super, a Sydney-based superannuation fund overseeing roughly A$6 billion ($4.5 billion) in retirement assets for workers in Australia's energy sector.
Mr. Hutchison's departure came as EISS' spending on sponsorships and staff travel came under scrutiny this week by Australia's press and Parliament, and just over a week since EISS found itself on a list issued by the Australian Prudential Regulation Authority of 13 MySuper default products that failed a newly introduced performance test.
Warren Mundy, EISS Super's chairman, said in an emailed statement that Mr. Hutchison "has requested that his resignation be effective immediately, which I respect and have agreed to."
Lance Foster, the fund's chief financial officer, will take on the role of acting CEO, Mr. Mundy said.
Mr. Hutchison said in the statement he was "looking forward to taking some time out before considering what I want to do next. The timing is right for me and it's right for the fund." He couldn't be reached for further comment.
A spokesman for EISS couldn't immediately provide a response to criticisms focusing on the fund's expenses.
EISS remains in merger talks, first announced in mid-April, with TWUSUPER, a Melbourne-based super fund overseeing roughly A$6 billion in retirement assets for workers in Australia's transport sector.
