Troubled industry super fund Motor Trades Association of Australia has announced a board restructure and the retirement of founding chief executive Michael Delaney after 22 years at the helm.
A new chief executive will be considered, appointed and in place later this year, with Delaney to retire in November, the fund stated.
The new board will change from its current composition of four employer nominated representatives, four member nominated representatives and one independent chair to a 3:3:3 composition including three independent directors, the fund stated.
To facilitate the move, long serving directors Bob Allen, an employer nominated representative, and Mark Perica, a member nominated representative, will retire at the end of their current appointments in November.
The changes have the approval of the Australian Prudential Regulation Authority, according to MTAA.
