ICAEW finally finds its new bossby
The Institute of Chartered Accountants in England and Wales has found its new chief executive, after outgoing boss Michael Izza announced his plans to retire earlier this year.
Alan Vallance, the current chief executive of the Chartered Insurance Institute, will be moving into Moorgate Place in Spring 2024, after being appointed the Institute’s new chief executive.
The outgoing CEO Michael Izza had previously planned to retire by the end of the year, but with Vallance not stepping into the role before early next year, the current boss has agreed to stay on until his successor is in post for a smooth transition.
‘A genuine honour’
Vallance, who is a chartered accountant, said it is a “genuine honour to have been asked to lead the organisation of which I am a member”.
He thanked Izza for his “leadership and the amazing contribution he has made to the Institute” and said he looked forward to building on the foundations “Michael has laid down over the last 17 years”.
He added: “The accountancy profession today plays a vitally important leadership role on the key issues facing society. I am determined to make sure that ICAEW leads from the front and that this role continues, indeed evolves in the future, with an unwavering focus on the public interest so that our members play their rightful part in building a world of sustainable economies.”
Vallance takes the role after holding the position of chief executive of the chartered insurance institute. His CV also includes serving as the chief executive of the Royal Institute of British Architects and the Group Chief Operating Officer at the Law Society.
He takes the position as the accountancy profession is under increased scrutiny following the fallout from the Carillion collapse, and the Big Four’s audit scandals continue to dominate the headlines.
Springtime retirement for Izza
ICAEW has been looking for a new CEO since March when Michael Izza announced that he was stepping down. He has held the position since 2006, when he took over from Eric Anstee.
With his retirement date now set in stone, Izza said that it’s been “a huge privilege to lead ICAEW through the last 17 years of accelerating change in business, the economy and society, and to see the Institute grow and strengthen.”
He also expressed his belief that the accountancy profession is a “force for good in national life and the wider world” before sharing his delight that Vallance has been appointed as his successor.
“I know that the vision and the energy he brings to this role will ensure that ICAEW does not rest on its laurels.”
Izza’s retirement has been met with questions over whether the outgoing CEO will receive a golden handshake payout.
According to ICAEW’s annual report, Izza was paid £630,000 last year, which consisted of his £492,000 base salary being topped up with a deferred payment of £138,000.
When asked in June, an ICAEW spokesperson refuted claims first published by Sky News that Izza’s goodbye payment was going to be twice his annual salary when he retires.