Big retail industry superannuation fund, REST, has begun the search for a new chief executive, following a late Friday announcement of the impending departure of long-serving Damian Hill.
The REST board announced late on Friday that Hill had advised that he did not intend to seek renewal of his employment contract at the end of January, next year.
REST chairman, Ken Marshman said the fund intended to engage an executive search firm to assist with the search for a successor and would be looking both internally and externally.
Marshman said Hill had agreed to continue in his role to ensure stability and to assist in transferring executive responsibility once an appropriate CEO has been installed.
Hill became chief executive of REST in 2006 after having joined the fund in 1999 as an administration manager, and Marshman said he was leaving the fund in a very strong position with $45 billion in assets under management.
Hill said that after 19 years at REST he was excited about the prospect of seeking a new management challenge.