McKenna resigns FPA post

Financial Planning Association (FPA) chief executive Michael McKenna is leaving office, 14 months short of his three year contract.

Financial Planning Association (FPA) chief executive Michael McKenna is leaving office, 14 months short of his three year contract.

The FPA made the announcement immediately after an unscheduled meeting of the board last Friday.

In a media release sent out this morning, the FPA says McKenna is bringing forward his retirement to “pursue other business and personal interests”.

McKenna is the third consecutive FPA chief executive to leave the association short of his term. Previous incumbent David Butcher resigned after only 16 months in the job, while his predecessor, Jock Rankin, left the association in controversial circumstances.

However, chairman of the FPA, Ray Griffin praised McKenna’s contribution to the association.

“During Michael’s term with the FPA we have developed a clear strategic vision and implemented important systems and processes. FPA membership has also reached a record high. When Michael came to the organisation, membership stood at 8,800, it is now nudging the 12,000 mark,” Griffin says.

McKenna says he leaves the FPA, satisfied that the association has a sound strategic direction and appropriate management structures.

“I am particularly pleased that revenues have more than doubled largely due to the record enrolments in DFP and the excellent start to CFP professional education,” he said.

McKenna, who will turn 60 next year, came to office in 1998 after more than a decade as executive director of the Australian Society of CPAs. He will stay on as chief executive of the FPA until a suitable replacement can be found.