The chief executive officer of one of Australia’s largest accounting associations has been terminated by the company board and given a $4.9m payout.
CPA Australia CEO Alex Malley has faced public scrutiny over his $1.8m salary and concerns around his direction for the organisation. Seven members of the board have resigned from their positions.
A statement from the board president Jim Dickson said the company was preparing to recruit a new chief executive following Malley’s termination.
“At its meeting today, the Board decided to terminate Alex’s contract in order to allow CPA Australia, CPA Australia staff and Alex to move forward. In the interests of full disclosure, CPA Australia has made a payment of $4.9 million in accordance with our obligations,” the statement said.
“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.
“He has guided CPA Australia through a period of sustained growth. He brought an ambitious vision for our profession and was dedicated to supporting students and young leaders.”
The company’s chief operating officer Adam Awty has been appointed as interim CEO while the recruitment process is under way.
The board will also be seeking further expressions of interest for the board vacancies, which will be replenished by 1 October, with a minimum of eight new directors.
