Alex Malley’s contract as CEO has been terminated by the CPA Australia board, effective from 23 June.

In the process, Malley has received a payoff of AUS$4.9m ($3.8m) in “accordance with obligations”, CPA Australia said in a statement. In the statement, CPA Australia president and chairman Jim Dickson thanked Malley for his work for the past seven and a half years.

Chief operating officer Adam Awty has been appointed as interim CEO in the meantime, with his remuneration for this period unchanged as per his current COO role.

CPA Australia said in the statement that it expects to have its board replenished by 1 October with a minimum of eight new directors.

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